Katie Holmes And Tom Cruise Reach Divorce Settlement

Couple announce settlement just hours after revealing talks.

That was fast.

Less than two hours after releasing a joint statement announcing that they were working to amicably reach a divorce settlement and custody arrangement for their 6-year-old daughter, Suri Cruise, Katie Holmes' attorney confirmed that his client has already nailed down a divorce deal with ex-husband Tom Cruise.

According to People magazine both sides appear happy with the plan, which was hammered out less than two weeks after Holmes' shocking divorce action began. "The case has been settled and the agreement has been signed," announced Holmes' attorney Jonathan Wolfe of the blindingly fast (by Hollywood standards) agreement.

"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."

No details of the deal were announced, but earlier on Monday morning (July 9), Cruise and Holmes issued a joint statement in which they asked for privacy and said they were focusing on what was best for Suri. "We are committed to working together as parents to accomplish what is in our daughter Suri's best interests," they said. "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."

People had earlier quoted unnamed sources close to both sides saying that the couple were working on an arrangement that would allow Suri to live in New York with Holmes and give Cruise generous visitation rights.

Cruise was said to be blindsided by the divorce filing, which cited irreconcilable differences and asked for sole custody of Suri. In the time since, Holmes has been spotted with her daughter all around New York, where the two are living in a new three-bedroom apartment that Holmes moved into at some point before the filing.