Tom Cruise and Katie Holmes reach divorce settlement

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Holmes and Cruise. (WireImage)

Well, that was fast. Less than two weeks after Katie Holmes surprised Tom Cruise with divorce papers to end their five-year marriage, the Hollywood stars have already settled. According to the actress’ attorney Jonathan Wolfe, “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 … We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution."

Cruise's lawyer, Bert Fields, also told TMZ: "The Tom Cruise-Katie Holmes case has been settled with a signed agreement. Tom is really pleased we got there, and so am I."

[Related: Tom Cruise's Three Marriages: The Rundown]

The settlement comes just hours after Holmes, 33, and Cruise, 50, announced they were going to work together through their divorce, which they felt was in the best interest of their 6-year-old daughter Suri, of whom Holmes had requested sole custody. "We are committed to working together as parents to accomplish what is in our daughter Suri's best interests,” the exes said in a joint 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.”

As TMZ had reported, Cruise had been pushing Holmes for "meaningful, significant contact with his daughter … She is the primary concern in his life.” Both sides spent the entire weekend hashing out the divorce settlement and custody arrangement. Holmes was spotted on Saturday arriving at her lawyer’s Manhattan office, while Cruise has remained on the set of his next movie, “Oblivion.”

[Related: Why Tom Cruise Insisted on Calling Katie Holmes' Kate']

Now that her divorce is settled, Holmes can focus on her many upcoming projects. In addition to showing her Holmes & Yang clothing line at Fashion Week in NYC this fall, she is also about to begin production on her next movie, "Molly" – coincidentally about a single mom – which she co-wrote and is co-producing.

Holmes filed for divorce in New York City on June 29, while Cruise was in Iceland filming. Soon after news broke, his rep released a statement saying, "Tom is deeply saddened and is concentrating on his three children," which include Isabella, 19, and Connor, 17, whom he adopted with ex-wife Nicole Kidman.

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