Ending the speculations over their relationship, Madonna and Ritchie on Wednesday announced plans to divorce, which ends their seven and half year old marriage.

Since no settlement has been reached yet, a courtroom battle over the pop diva's 300 million pounds fortune may be on the cards, the Daily Telegraph reported on Thursday.

Ritchie, director of several British gangster films including 'Lock, Stock and Two Smoking Barrels', is reported to be worth 20 million pounds.

A short statement by Madonna after the announcement says, "Madonna and Guy Ritchie have agreed to divorce after seven and a half years of marriage. They have both requested that the media maintain respect for their family at this difficult time."

The 50-year-old singer is currently on the American leg of her 'Sticky and Sweet' tour while Ritchie is in London to work on his latest project – a Sherlock Holmes film.

The couple, who married in Scotland in December 2000 in a fairy tale wedding, have two sons – eight-year-old Rocco, and David, a two-year-old adopted from Malawi. Madonna also has a 12-year-old daughter, Lourdes, from a previous relationship.

Madonna was previously married to actor Sean Penn.

The singer is known for perpetually reinventing while maintaining to rule as an iconic pop diva in her 25-year long career.