Tom Cruise & Katie Holmes Reach Divorce Settlement

Katie Holmes and Tom Cruise step out at the 'Mission: Impossible - Ghost Protocol' U.S. premiere at the Ziegfeld Theatre in New York City on December 19, 2011 -- Getty Images

Tom Cruise and Katie Holmes have settled their divorce, just two weeks announcing their split.

"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," the actress' lawyers said in a statement to Access Hollywood on Monday morning.

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Adding, "We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution."

Additionally, reps for both Tom and Katie issued a joint statement to People regarding the settlement.

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

Details surrounding the couple's divorce settlement are not known, but according to People sources, the couple is working on arrangement for their 6-year-old daughter to live with Holmes and Cruise will reportedly have generous visitation time.

Holmes' decision to leave Cruise, 50, reportedly blindsided the box office star.

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The 33-year-old actress - who will play a single mother raising her daughter in her next project - recently rented her own three-bedroom apartment with Suri in New York City.

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