BREAKING NEWS Katie Holmes and Tom Cruise reach divorce settlement
The actress, 33, filed papers to end her marriage on 29 June, citing irreconcilable differences, while her husband, 50, was in Iceland shooting new film Oblivion.
Now, less than two weeks on, lawyers for the pair have thrashed out a deal to avoid a messy court battle.
'The case has been settled and the agreement has been signed,' reads a statement from Katie's lawyer Jonathan Wolfe.
'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.'
Details of the settlement have not been revealed nor have the custody arrangements for Katie and Tom's daughter Suri, 6.
'We are committed to working together as parents to accomplish what is in our daughter Suri's best interests,' reads a joint statment from the pair's legal teams.
'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.'