Tom Cruise & Katie Holmes Reach Divorce Settlement

Tom Cruise and Katie Holmes have reached a divorce settlement.

The 33-year-old actress' attorney Jonathan Wolfe confirmed a deal has been agreed between the pair, and he thanked the 'Mission Impossible' star and his representatives for their "professionalism and diligence" to bring about such a "speedy" decision.

No specific details have yet been revealed about the settlement, which comes after Katie filed for divorce from Tom after five years of marriage late last month.

Jonathan said in a statement obtained by People: "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.

"This result could not have been achieved without the hard work of my partner Gary Skoloff and our co-counsel Allan Mayefsky, Michael Mosberg and Larry Trachtenberg of Aronson Mayefsky and Sloan and Peter Walzer and Chris Melcher of Walzer & Melcher in California.

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

Tom and Katie both confirmed in a separate statement that they are "committed" to working on their daughter's "best interests".

Katie and Tom's representatives, Nanci Ryder and Amanda Lundberg respectively, said in a statement: "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."

Lawyers for the couple have been in negotiations to settle issues including child custody, visitation and child support for their six-year-old daughter Suri, as well as property division.

Tom Cruise To File For Divorce In California

Tom Cruise will file for divorce from Katie Holmes in California.

The 'Rock of Ages' actor was "deeply saddened" by Katie's decision to end their five year marriage on Thursday when she filed official papers in New York but he will now hit back and ask for the proceedings to continue in Los Angeles as that is where the couple are normally based.

He will also ask for joint custody of the couple's six-year-old daughter Suri, despite former 'Dawson's Creek' star Katie requesting she had sole custody of the little girl.

A source told website RadarOnline: "Tom will file a response in New York, asking that the divorce proceedings be halted in the Big Apple because California is the proper venue for the matter to proceed. Team Cruise is going to assert that Katie doesn't meet the residency requirements to file in New York, and that both live full time in California, specifically Los Angeles.

"At the same time, Tom will file for divorce in California, and will most request joint custody of Suri. There is absolutely no way that he is going let Katie have sole custody. The lines are being drawn, and this is going shape up to be a very contentious custody battle."

Katie - who has spent a the majority of her time over the past few months living in the couple's New York home with Suri - is thought to have filed the papers in New York because she had a better chance of gaining sole custody of Suri.

However, Tom - who also has two children, Isabella, 18, and 17-year-old Connor, with ex-wife Nicole Kidman - will claim Katie, 33, has no legal right to want the proceedings to happen in New York.

The source added: "Tom's lawyers will state in their response to Katie's divorce petition in New York that she didn't reside continuously in New York for a year, as the law states. Yes, they do have a home in New York, but Tom will argue that Los Angeles is where they live, period."

The couple married in Italy in November 2006 and despite the 49-year-old star recently claiming how happy they were, sources say Katie had been wanting to end the marriage for months.

They claimed she had grown tired of his "suffocating" behavior and was worried about raising their daughter in the controversial religion of Scientology, which counts Tom as one of its biggest followers.

Tom Cruise ‘Saddened’ By Katie Holmes Split

Tom Cruise is "deeply saddened" to be splitting from Katie Holmes.

The 49-year-old actor- has confirmed he is upset about the demise of his five year marriage but is focusing on his children Connor, 17 and Isabella, 19 from his relationship with Nicole Kidman and his six-year-old daughter Suri.

His representative said in a statement: "Kate has filed for divorce and Tom is deeply saddened and is concentrating on his three children. Please allow them their privacy."

Meanwhile, insiders close to the situation claim former 'Dawson's Creek' star Katie wanted to split from Tom - who has been married twice before - because she wants to "amp up her career".

A source told RadarOnline.com: "Katie just wants to live out of the spotlight of Tom. She wants to focus on her acting career, which has taken a backseat since her marriage.

"She is currently filming a movie and has another project lined up and she wants to amp up her career another notch, which she has struggled to do the past few years."

However, parenting style to their daughter Suri was also thought to be a problem.

The insider added: "Katie and Tom also have very different parenting views. Katie wants Suri to go to school with other children and have a grounded routine whereas Tom doesn't, he wants her schooled in the same manner as Connor and Isabella were.

"Tom is nowhere near as strict as Katie is and doesn't believe in disciplining Suri, whereas Katie believes that is important. Tom basically treats Suri as a little adult, however Katie treats her like a six-year-old child, and that causes some major clashes over parenting style."