Tom Cruise, Katie Holmes reach divorce settlement

Less than two weeks after Katie Holmes filed for divorce, she and Tom Cruise have reached a settlement.

"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," Holmes' attorney, Jonathan Wolfe of New Jersey firm Skoloff & Wolfe, said in a statement Monday. "We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution."

Cruise's longtime attorney, Bert Fields, said in a statement that the case "has been settled with a signed agreement. Tom is really pleased we got there, and so am I." The star's divorce attorney, Dennis Wasser, told People magazine, "All the lawyers and the parties are happy that it's done, the deal was closed and we wish everyone well."

No details of the arrangement were released. The Los Angeles Times said negotiations were completed over the weekend and that while Holmes likely received no significant money or property because of a prenuptial agreement, she would leverage substantial influence on how the couple's daughter, Suri, 6, is raised.

"We are committed to working together as parents to accomplish what is in our daughter Suri's best interests," read a joint statement from Holmes' and Cruise's respective spokeswomen, Nanci Ryder and Amanda Lundberg. "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."

"A quick settlement indicates that they were able to agree that they'll both do some co-parenting," Steve Mindel of the Los Angeles firm Feinberg, Mindel, Brandt and Klein, who has handled bicoastal divorce cases, told The Associated Press.