A joint statement was released by American singer Madonna, 50, and British director Guy Ritchie, 40 on Wednesday. This statement officially announced the divorce of the celebrity couple, although their marriage has been effectively over for months.

It is believed that the divorce will be biggest in British legal history. The couple has a joint fortune of US$525 million out of which only US$35 million belongs to Ritchie. Ritchie will fight for large divorce settlement while Madonna will fight to protect her US$490 million in assets. Lawyers Fiona Shackleton and Lady Helen Ward will represent Madonna and Ritchie respectively. 

Some sources claim that the press release about divorce is a planned publicity stunt by the couple. It will help in promoting singer's worldwide "Sticky & Sweet" tour. Ritchie is presently promoting his film “Rocknrolla”.