Katie Holmes and Tom Cruise have reached a settlement two weeks after Holmes filed for divorce.
According to People Magazine, Holmes' attorney said in a statement, "The case has been settled and the agreement has been signed. We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life."
"This result could not have been achieved without the hard work of my partner Gary Skoloff and our co-counsel Allan Mayefsky, Michael Mosberg and Larry Trachtenberg of Aronson Mayefsky and Sloan and Peter Walzer and Chris Melcher of Walzer & Melcher in California. We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution."
Cruise's attorney Dennis Wasser separately told People Magazine, "All the lawyers and the parties are happy that it's done, the deal was closed and we wish everyone well."
"We are committed to working together as parents to accomplish what is in our daughter Suri's best interests. We want to keep matters affecting our family private and express our respect for each other's commitment to each of our respective beliefs and support each other's roles as parents," said the statement from Holmes and Cruise's reps, Nanci Ryder and Amanda Lundberg respectively.
Sources close to both sides say that Cruise, 50, and Holmes, 33, were working on an arrangement in which 6-year-old Suri lives in New York with her mother in a 3-bedroom apartment and her father, who lives in Los Angeles, is given generous visitation rights.
According to Fox News, the rapid settlement saves the couple from a public battle that was sure to be covered vigorously by the celebrity news media, which had already shifted into hyper-drive. Cruise and Holmes may have saved more than just their dignity by not fighting out their divorce in court. A drawn-out custody battle would have likely cost more than a million dollars in legal fees.
The exact details of the settlement have not been released yet.
Holmes revealed on June 29 that she filed for divorce. The couple had been married since 2006.
According to IBTimes, a new published interview in Elle Magazine has revealed that Holmes is slowly getting back into the swing of things and that she feels "sexier."