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Rocco, who is 16, is said to remain in London with his father, ABC reports.
The case is a relief for both sides.
"Guy Ritchie is delighted to have this case behind him," Ritchie's attorney said. "Everybody in the family is happy that an agreement has been reached and Rocco can continue to live with his father in London."
Last year things got heated between the Grammy winner and Ritchie when Rocco refused to return to the U.S. for Christmas, leaving his mother heartbroken. One source claims that it was mainly Guy who was stirring the pot to mess with Madonna, while her son Rocco preferred to stay with his father.
"This entire thing is 40 percent Rocco and 60 percent Guy. Guy is trying hard to mess with her again."
The couple's case took them all the way to the New York Supreme Court in March, where Justice Deborah Kaplan warned them to put their child first, The Telegraph reports. In other words, they needed to put their egos aside.
Speaking about Rocco's well-being she said, "Frankly, both parties have chosen to live their lives in a very public way and may welcome publicity, but the child has not," Kaplan said in court. "He would like this matter resolved and the issues concerning him and his family in the most private way possible."
In April, the popstar met with her ex in London where she got to meet up with Rocco for two hours.
One source says this is a good sign for their relationship and that Madonna is in a better mood.
"This is the first sign of him getting close to his mom again."
Whatever they did, it helped because Madonna posted a picture of them vacationing in Cuba for her birthday celebration a few months ago.
Keep up the good work! We're glad everything is working in their favor.