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

Holmes's attorney Jonathan Wolfe confirmed the deal in a statement to WHO Magazine:

"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.

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

Cruise's attorney Dennis Wasser separately told WHO Magazine, "All the lawyers and the parties are happy that it's done, the deal was closed and we wish everyone well."

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There was no immediate word on the details, but Holmes and Cruise said in a separate statement following news of the settlement they remain focused on protecting daughter Suri, 6.

"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," says the statement from Holmes and Cruise's reps, Nanci Ryder and Amanda Lundberg respectively.

"This result could not have been achieved without hard work" Holmes' lawyer, Jonathan Wolf added before thanking the larger team hired to represent Holmes' divorce.

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Sources close to both sides say that Cruise, 50, and Holmes, 33, were working on an arrangement in which Suri lives in New York with her mother and her father is given generous visitation rights.

Sources say Holmes's decision to file for divorce in June stunned Tom Cruise.

Katie and Suri recently moved into a new 3-bedroom apartment in New York City, where the pair have been spotted out while Cruise was at home in Los Angeles with his teenage kids, Connor, 17, and Bella, 19.

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For the full story behind the breakdown of Hollywood's most famous marriage, pick up WHO Magazine's Special Early Edition issue, on sale NOW!