Tom Cruise and Katie Holmes in divorce settlement talks: Reports

Katie Holmes and Tom Cruise arrive at the 2012 Vanity Fair Oscar Party on Feb. 26, 2012, in West Hollywood, Calif.

/ Getty

(CBS News) Lawyers for Tom Cruise and Katie Holmes are reportedly working to reach a settlement for the divorcing stars.

Both sides have reportedly been working for the past few days to negotiate an agreement in hopes of avoiding a public divorce battle, according to People.

Pictures: Tom Cruise and Katie Holmes
Pictures: Suri Cruise
Pictures: Celebrity splits

"Neither one of them wants this to be hashed out in public," a source told the magazine.

Holmes was spotted on Friday and Saturday at her lawyer's office in New York, according to reports. 

According to TMZ, Cruise is insisting any settlement provide "meaningful, significant contact" with the couple's 6-year-old daughter, Suri (Holmes has reportedly filed for sole custody). Sources told the website that both sides are trying to negotiate a settlement for the entire divorce - not just a temporary truce - including custody, visitation, support and property settlement.

Meanwhile, Cruise's attorney spoke to the BBC last week about the high-profile split.

"Tactically we can't say where Tom will file a divorce case and if he'll be seeking joint custody of Suri," Bert Fields said on July 3.

"We are letting 'the other side' (Katie and her team) play the media until they wear everyone out and then we'll have something to say," he added. "It's not Tom's style to do this publicly. He is really sad about what's happening."

30 Photos

Tom Cruise and Katie Holmes

[MarkDavis100]

Destructive cult or benign religion?
Orthodox religions dont strive to gain control over your money and everyday life.
Cults that are high control are Scientologist and the cult that I was in the Jehovahs Witnesses.Scientology teaches that humans are infected by the souls of dead aliens called Thetans.
Jehovahs Witnesses teach Jesus had his second coming invisibly October 5th or 6th 1914.

Benevolent religions offer hope, compassion, and want peace for your fellow man - even the nonbelievers.
A cult wants power,money, and obedience. All the outsiders must be destroyed (Armageddon). I think that's the big distinction between two different belief systems.
--- Danny Haszard
FMI http://www.dannyhaszard.com

[gregperrynewlondon]

The force-feeding continues.

In light of the damage control mechanisms for the impending divorce a new strategy has emerged albeit a flawed one: a trailer release. After the audience and I who saw the trailer for Jack Reacher stopped laughing, I realized a few things. One: HE IS NO STEVE MCQUEEN. Then, I realized I had seen someone trying hard to sell their "star" as someone so tough, it would make Dirty Harry die of laughter--HE IS NO CLINT EASTWOOD. Then, I recalled another cringe-worthy piece of "reporting" from a few weeks ago, that he was planning on remaking The Magnificent Seven, with himself in the lead role, and realized--HE IS NO YUL BRYNNER.

But whatever his camp wishes to force-feed us, there are still plenty of cinema-goers who are not going to spend a dime on this "comedy." BTW, another spin piece on him being the "highest paid" last year--is that salary or earnings (makes a difference considering others were paid higher salaries)?
Also, this controversy DID occur before, with Ann Rice, who felt "Huck Finn" was playing her character; that controversy was gone, after Ms. Rice was to receive a considerable monetary deal for the adaptation with Cruise.
Rock of Ages bombed. MI4 earned most of its money in China, where most well-crafted US action films make a profit, regardless of its star.

Lessons learned: Question what you read now more than ever in this digital age, and don't be afraid to laugh out loud in a movie theater.