An agreement has been formally reached in the custody of Michael Jackson’s three children. All of them will stay with his mother Katherine, with whom they’ve been living since he passed away five weeks ago. Debbie Rowe, the mother of Michael’s oldest children Prince Michael and Paris, will get to see them on a scheduled visitation system.

A Los Angeles judge signed off Monday on a deal granting Jackson family matriarch Katherine Jackson custody of her son Michael’s three children, with a family allowance paid out of the entertainer’s estate. “It’s not my intention to deprive the children of anything,” said Superior Court Judge Mitchell Beckloff at a hearing.

Katherine, 79, reached a custody agreement last week with Deborah Rowe, Michael’s ex-wife and the biological mother of his two oldest children – Prince Michael I, 12, and Paris, 11 – with visitation rights for Rowe based on a schedule worked out with a child psychologist and continued spousal support.

Prince Michael II (a.k.a. “Blanket”), 7, Michael Jackson’s youngest child whose surrogate mother has never been identified, will also stay with Katherine, the judge said, finding there was “no legal mother” of Blanket.

“Today the parties and the California court brought about a result that is selfless and wise through a process that was collaborative and fair,” Rowe’s attorney, Eric George, said outside of court. “Everyone sought the same objective: Doing what is best for the children of Debbie Rowe and Michael Jackson. Today’s result – five-and-a-weeks after the tragic death of Michael Jackson, eliminates uncertainty and offers stability to the lives of these children.”

Katherine attended the hearing with son Randy and daughter LaToya. In addition to the custody hearing, the judge is expected to decide who will be permanent executors of the singer’s estate. Last month, attorney John Branca and music executive John McClain were made temporary executors.

According to published reports, Michael supported his mother financially up until his death on June 25. The judge said the family allowance will continue through the end of the year. Lawyers will return to court Jan. 11, 2010, for a status hearing.

[From People]

The biggest advantage here is that the three kids get to stay together. A lot of people thought Debbie should fight for custody because she’d presumably be a better parent than would Katherine Jackson – because Katherine is married to legendary bad dad Joe Jackson. And she’s also 79 years old, which is a tough age to raise young children. Certainly other grandmothers have done it, and God bless them. But it’ll be a challenge.

Obviously money plays into this a great deal, and anyone going after custody becomes the object of suspicion. Actually the reverse is true as well – when it was first reported that Debbie Rowe agrees to let the Jacksons raise Prince and Paris, it was also said she essentially sold the kids to the family. There’s no way to talk about Michael Jackson and not talk about money. It does seem like they came to an agreement relatively quickly – not lightening fast, but it wasn’t an epic feud either. That’s something. Hopefully the kids will have some kind of relationship with their mother, and it’s wonderful they’re not getting split up.

Here’s Katherine Jackson in May, 2008. Images thanks to Fame Pictures .