Calling a forthcoming Life & Style report that Tom Cruise and Katie Holmes have broken up "100 percent false," the celebrity couple said on Valentine's Day that they are still very much together.

The Life & Style cover story, which shows the couple in an embrace with the words "Split!" emblazoned across the cover, cites unnamed sources who claim that the couple called off the wedding but planned to "keep up the charade of a romance until after their baby's birth," sleeping in separate bedrooms in Cruise's home in Beverly Hills, California. Life & Style's sources suggest that the couple will publicly stay together through the summer but announce a separation afterward, in which they'd share custody and Cruise would provide for both Holmes' and the baby's financial well-being.

In a joint statement issued through their publicist, Cruise and Holmes said that the Life & Style cover story is full of "malicious fallacies." "Mr. Cruise and Ms. Holmes are still engaged and moving forward with their wedding plans, as well as planning for the arrival of their child," the statement read. "The couple is looking forward to a long and happy life together as a family."

Cruise and Holmes announced in early October that they were going to be parents (see "Tom Cruise, Katie Holmes Expecting Their First Child") after getting engaged in June (see "Tom Cruise Proposes To Katie Holmes At Eiffel Tower").

No wedding date has been announced, nor has their rep divulged when the baby is due. Based on the timing of the announcement and Holmes' appearance, April seems like an accurate estimate.

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