Tom Cruise and Katie Holmes Divorce: Inside the Couple's Careers and Assets

3:01 PM PST 06/29/2012 by Sophie Schillaci
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UPDATED: The duo reached a settlement on Monday, less than two weeks after Holmes filed to end their five-year marriage.

Hollywood power couple Tom Cruise and Katie Holmes -- formerly known as TomKat – confirmed news of a split on June 29 after five years of marriage. And less then two weeks after Holmes apparently blindsided Cruise by filing for divorce, the two reached a surprisingly swift settlement.

"The case has been settled, and the agreement has been signed," Holmes' divorce lawyer, Jonathan Wolfe, said Monday in a statement to THR. "We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life."

The divorce marks Cruise’s third and Holmes’ first.

Since tying the knot in a lavish Italian ceremony in 2006, Cruise has starred in six big budget films. Holmes also has six films to her credit, though each were on a significantly smaller scale. Holmes also appeared in highly criticized The Kennedys TV Miniseries on ReelzChannel and gave brief guest appearances on the TV series How I Met Your Mother and Eli Stone.

STORY: Katie Holmes 'Biggest Nightmare' in Scientology History, Experts Say

Cruise most recently appeared on the big screen in Adam Shankman’s Rock of Ages, in which he played rock god Stacee Jaxx. The film disappointed in its opening weekend at the box office, earning a soft $15.1 million despite an all-star cast which also included Alec Baldwin, Russell Brand, Catherine Zeta Jones and Julianne Hough. To date, Warner Bros.’ musical has pulled in a lifetime worldwide gross of just under $40.7 million.

On the other hand, the film icon struck gold with Paramount’s Mission Impossible – Ghost Protocol just a few months prior. The fourth installment in the beloved franchise has become its most successful, grossing more than $546,388,105 million worldwide since its December 16 debut.

Coming down the pipeline for Cruise is Paramount’s Jack Reacher – formerly titled One Shot -- which has already wrapped and is set for a Dec. 21, 2012 release. (The trailer was released days after Holmes' filing.) Cruise plays an ex-Army cop who is sucked into the mystery surrounding the arrest of a sniper accused of killing five random people in a shooting. Rosamund Pike co-stars as the female lead.

VIDEO: Tom Cruise Comes Out Swinging in 'Jack Reacher' Trailer

Currently, Cruise is filming Oblivion in Louisiana with Tron Legacy director Joe Kosinski. The Universal pic is slated for an April 26, 2013 release and also stars Morgan Freeman, Olga Kurylenko and Andrea Riseborough.  There has been talk of Cruise donning his flight suit once again for a Top Gun 2, but he will likely film All You Need is Kill, for Warners, first. Actress Emily Blunt is in negotiations to co-star.

As far as Holmes is concerned, the former Dawson’s Creek star most recently appeared in the critically panned Adam Sandler comedy Jack and Jill, which opened to a respectable $26 million despite scathing reviews.

The actress recently wrapped an untitled indie drama based on the Anton Chekhov play The Seagull opposite Allison Janney. Holmes is also attached to star in an indie called Molly, which she co-wrote, though it is not yet clear what will happen with the project.

VIDEO: Tom Cruise on Becoming Stacee Jaxx in 'Rock of Ages' 

Last week, Holmes, who co-designs the fashion label Holmes and Yang, taped an episode of Lifetime's Project Runway: All Stars in New York.

Cruise was recently ranked in the No. 9 spot on Forbes’ Celebrity 100, with the magazine placing his earnings at $75 million. According to IMDb, Holmes is worth an estimated $25 million. MSNBC has reported that Holmes and Cruise have a prenup, which entitles Holmes to $3 million for each year that she was married to Cruise ($15 million total). She will also receive a “palatial” home in Montecito, California when the divorce is made official (the couple also owns property in New York City; Beverly Hills; Sussex, England; and Lake Cuomo, Italy). Since the couple was married for less than 11 years, the prenup states explicitly that California’s community property laws will not be applied to the divorce, meaning Holmes is not entitled to 50 percent of Cruise's reported $250 million fortune.

The couple shares one child, 6-year-old daughter Suri. No word yet on the terms of her custody arrangement with her famous parents; Holmes, now based in New York, reportedly did not want to raise the little girl in Scientology, of which Cruise is a prominent member.

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