Tom Cruise and Katie Holmes Reach Divorce Settlement

9:46 AM PDT 7/9/2012 by THR Staff

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UPDATED: Shortly after releasing a joint statement about negotiations, Holmes' lawyer confirms that an agreement has been signed.

Tom Cruise and Katie Holmes have reached a settlement in their divorce proceedings less than two weeks after Holmes filed to end their five-year marriage.

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

Hours earlier, Cruise and Holmes released a joint statement addressing custody of their 6-year-old daughter and making a not-so-subtle reference to their difference of opinion on Scientology.

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"We are committed to working together as parents to accomplish what is in our daughter Suri's best interests," reads the statement. "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."

Previous reports had Cruise and Holmes meeting in New York to hammer out a divorce settlement that works for both parties. Had a compromise not been reached, they were due in a Manhattan family court July 17 for a "order to show cause hearing."

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Before the weekend, Cruise's lawyer had less optimistic words in an interview with the BBC.

“Tactically we can’t say where Tom will file a divorce case and if he’ll be seeking joint custody of Suri,” said Bert Fields. "We are letting ‘the other side’ [Holmes and her lawyers Wolfe and Allan Mayefsky] play the media until they wear everyone out, and then we’ll have something to say. ... It’s not Tom’s style to do this publicly. He is really sad about what’s happening.”

More to come...