Kerry Katona will receive less than £70,000 financial settlement in her divorce from former Westlife star Brian McFadden after he squandered a large chunk of his boy band earnings.

Brian admits to having “made a lot of silly financial decisions” and lost money on buying houses, cars and gambling.

A source revealed recently: “Brian and Kerry wanted to keep the divorce as easy as possible. They didn’t want a big battle over money for the sake of the kids. So Brian agreed to hand over half of everything.”

“Unfortunately for Kerry, Brian’s earning power has sunk significantly since he left Westlife. His solo album didn’t make him any money. The couple also had to take into account Brian already pays money for the upkeep of their daughters Molly and Lilly Sue every month.”

“Kerry made some cash from the sale of their matrimonial home in Dublin but she got that money after the split three years ago. It’s safe to say that Brian is the most relieved in this settlement.”

The couple separated in 2004 after two years of marriage and the divorce was legally finalised late last year. Kerry is now planning to marry fiance Mark Croft in Gretna Green on Valentine’s day while Brian is dating former Neighbours star Delta Goodrem.