Kevin Federline has been called many things in the nearly five years since Britney Spears walked into his life: boy toy, gold-digger, wannabe rapper, partier. These days he answers to one name: Daddy.

Since splitting with Spears in 2006 – and then watching in fear as she went through her very public breakdown – the former backup dancer, 30, has channeled all of his energy into their sons Preston, 3, and Jayden, 2. (Federline also has two kids, Kori, 6, and Kaleb, 4, with ex-girlfriend Shar Jackson, 32.)

Now that Spears, 27, is getting her life back on track, they’re sharing parenting duties again – and Federline is ready to tell his side of the story exclusively to PEOPLE.

Do you remember when you first met Britney?

I met her at a club in Hollywood, Joseph’s. Our eyes met and that was it. We just hit it off right away. I learned real fast how much of a whirlwind the press and everything was.

What are your happiest memories of the marriage?

Well, getting married. I never thought that I would get married but it wound up happening. That was a really, really, happy, exciting moment. I pretty much realized that I was giving my life to her, and I was doing it without question.

What went wrong?

It’s hard enough to be in a marriage, and then have a kid, then kids, it changes everything. For me, I’d become more concerned with my children. Not that I ignored Britney, but my kids are always most important … I mean, we were having complications. I didn’t give her an ultimatum, but I was trying to work stuff out with her, and she didn’t even talk to me or anything and went behind my back and filed [for divorce]. [I was] completely blindsided.

A lot of people assumed you fought for custody of the kids because of money.

My first question to [my lawyer] was, “Am I ever going to be able to see my children?” I told him that I would spend every last dime that I had to make sure that my children are okay. That’s all that mattered. I didn’t know how much power Britney had. That really scared me.

How did you react in January when Britney locked herself in the bathroom with Jayden and was later taken to the hospital on a gurney?

That whole night is a blur. You want to talk about one of my lowest points of depression, that was probably one of them. I was very, very worried for her ’cause I care about her. That’s the mother of my children. Just because I’m not in love with her doesn’t mean that I don’t love her. I’m definitely rooting for her. There’s nothing more that I want than for her to be in the best health and doing what she loves to do.

Are things getting better?

Oh, man, it’s totally turning around. It works out that [the kids] get to see her. There’s structure over there, there’s structure at my house. We’re trying to keep the same type of schedule. It doesn’t have to be completely perfect, but the foundation is there.

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What a difference a year makes. Twelve months ago, Britney Spears was a lost cause - a tragic figure of fun who lost custody of her two young sons in a blaze of flashbulbs and disastrous publicity.

But the pop starlet has made a remarkable comeback in recent weeks, triumphing at the MTV Video awards, losing her excess weight - and now she is to take her rehabilitation a step further.

In a shock new move she and her ex-husband Kevin Federline are considering getting back together, it has been reported by National Enquirer. (Always a reputable source!)

The two are reportedly undergoing couples counselling to rebuild their relationship in the hope that they can raise their two sons as a family.

‘Part of their therapy involves going on formal dates and Britney is so excited,’ a source told the magazine. ‘She’s never stopped loving Kevin or hoping they’d get back together.

‘Kevin still loves Britney too and if all goes well after six months of counselling they’ll move back in together with the boys.’

Britney and Federline’s three-year marriage ended in a bitter divorce in July last year, followed by a custody battle over sons Sean Preston, three, and two-year-old Jayden James.

But insiders say things have changed since the end of the court case.

‘Britney’s dad first talked to Kevin about reconciling with her last spring. He was really noncommittal at the time because he and Britney were still at odds over custody.

‘But Kevin’s always believed it would be best for the boys to be raised by both parents, and he and Jamie spent weeks looking for a counsellor who suited both his and Britney’s personalities and could come to their homes.’

Britney is reportedly prepared to do whatever it takes to have her sons back full time.

She is now selling her home in Beverly Hills to move nearer to Kevin and their sons.

‘If all goes well they’ll move into Britney’s new house together,’ the source revealed.

And if all goes well they are even considering getting back together.

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WENN

Kevin Federline has sparked reports he’s back with his ex-girlfriend Shar Jackson after taking her to Las Vegas for a birthday weekend.

Federline split from Jackson, the mother of two of the rapper/dancer’s kids, to romance ex-wife Spears. But now it looks as if the former lovers are an item again.

Federline and Jackson were spotted enjoying each other’s company on Friday afternoon in a private cabana at Tao Beach, before partying at Sin City’s Prive nightclub on Friday night.

According to Hollyscoop.com, Federline even “went to the club’s DJ booth to publicly wish Shar a happy birthday”.

A source says, “Shar joined Kevin in the DJ booth, where he proceeded to sing along on the microphone to Put On by Young Jeezy and Welcome to Jamrock by Damien Marley.”

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WENN

Among Shar Jackson’s guest list for her 32nd birthday party: family, friends and Kevin Federline.

The father of four – including two children with Jackson – was at Las Vegas’s Blush Nightclub on Friday helping his ex celebrate, and even giving her a birthday hug.

“We were friends before we were a couple and we’re always going to be friends,” Jackson told People at Wynn Las Vegas before entering the party. “We have two amazing kids together. Kevin is my boy.”

She’s not kidding. Their reunion came only a few hours after the two hung out together in a VIP cabana at Tao Beach with friends and family.

Jackson, however, insists that there is no talk of rekindling the flame. “We have passed that stage.”

Jackson’s party was the first stop for Federline in night that saw him dropping by newly opened Lavo, Tao and Prive Las Vegas, where Jackson also joined him.

After seeing each other for the third time in 12 hours, Federline took a break from partying at a table in the club’s kitchen, then headed to the deejay booth to publicly wish Jackson a happy birthday into a microphone.

While rumors persist that Federline’s other ex, Britney Spears, may be planning a performance at the MTV Video Music Awards next month, she has a backer in Jackson.

“I hope she does it, I hope she goes for it and kills it,” Jackson said.

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WENN

Sources say that Kevin Federline has agreed to return the sex tapes that he made with Britney Spears along with leniency with visitation, in exchange for her helping him launch a successful showbiz career.

An insider at Star Magazine says, “On the condition she return the favor by hooking him up wit showbiz contacts, Kevin agreed to keep the racy tapes they made together locked away-and he may even turn them over to her in the future…..He’s also promised to be more flexible about accommodating Britney’s schedule with Sean and Jayden…He’s talking about letting her take a supervised trip with the boys.”

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WENN

Britney Spears’ ex-husband Kevin Federline is reportedly shocked the singer didn’t fight harder for custody of their two young sons.

Federline was awarded sole custody of Sean Preston, two, and Jayden James, one, earlier this month, following a bitter 18-month court battle.

It means he now has to juggle being a full-time parent to his sons and looking after his two children from a previous marriage.

And he is said to be adamant that Spears’ should take an active role in bringing up the boys.

A source tells British magazine Closer, “Kevin loves his sons, but he didn’t aim for sole custody. He wanted to be a co-parent and didn’t expect Britney not to fight for custody. He never wanted full responsibility. He believes both parents should take an active role. It’s tough being a single parent, plus he already has another two children.”

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WENN