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Michael Jackson's ex-wife and the mother of his two oldest children, Debbie Rowe, has agreed not to challenge the singer's mother for custody of the children, according to a joint statement from lawyers for Rowe and Katherine Jackson.

The agreement does not involve any financial payments to Rowe "apart from the continuation of spousal support payments" that Michael Jackson personally agreed to make to Rowe after their divorce, the lawyers said.

Rowe will get visitation rights with the children and the "timing, frequency and manner of visits shall be implemented according to the best interests of the children, as determined by a child psychologist selected jointly, and paid jointly," by Jackson and Rowe, the announcement said.

Rowe never publicly said if she would fight Jackson's 79-year-old mother for custody of her son and daughter -- ages 11 and 12 -- and a court hearing concerning custody was delayed several times this month while lawyers for the two talked. Jackson's youngest child, 7, was carried by a surrogate mother, whose name has not yet been released.

Katherine Jackson gained temporary guardianship of the three children soon after his death last month. Learn about other notable custody cases Read full article »

CNN's Randi Kaye, Kay Jones and Allison Blakely contributed to this report.

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