Katie Holmes and Tom Cruise reach divorce settlement

Tom Cruise and wife Katie Holmes attend "Knight and Day" premiere at the Lope de Vega Theater in Seville, Spain, on June 16, 2010.

/ Getty

(CBS News) Tom Cruise and Katie Holmes have reached an agreement to settle their divorce, reports People.

Pictures: Tom Cruise and Katie Holmes
Pictures: Suri Cruise
Pictures: Celebrity splits
Report: Cruise, Holmes in divorce settlement talks

"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," Holmes' attorney Jonathan Wolfe said in the statement.

There's no word on the details, but earlier, the former Hollywood couple released a joint statement asking for privacy and respect as they settle their divorce and agree to a custody arrangement for their 6-year-old daughter, Suri.

"We are committed to working together as parents to accomplish what is in our daughter Suri's best interests," the statement explained, according to People. "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," said Holmes and Cruise's reps, Nanci Ryder and Amanda Lundberg respectively.

Sources told People that Suri will likely live in New York with Holmes, while Cruise, 50, will get "generous visitation rights."

Cruise and Holmes, 33, announced they were splitting last month after five years of marriage.

30 Photos

Tom Cruise and Katie Holmes

[skeezix06]

It was becoming a major PR disaster for the Scientology church. I'm not surprised they settled quickly.

[baileycccc]

Cruise is no dummy. he had her pre-nup down. She got a small piece of change of his vast wealth.

[Oh-Pin-Yun]

I sure hope Kate has a good security team. Those Scientologists are nuts. I would not put it past them to do something crazy.

[58dee]

Where's Oprah? Need an interview to see why he "jumped off the couch and fell off"

[mrdalek]

Yawn. Why would anyone care about these losers ? Cruse can't act for sh$t and Holmes has never done anything worth remembering. I'm sorry I wasted my time reading this crap. May as well watch the Kardish$ts.

[-TeaPartyNation--]

Cruise will pay Holmes whatever she wants to prevent her from exposing the lunacy of the scientology freak show.

[erasmus111]

Well, it's going to be interesting. Yes, they will want to prevent her from exposing them, and yes, he will probably pay her whatever she wants, but he won't be having the final say. He may be a conrol freak, controlling her, but Scientology is controlling him. I can't see them allowing her, or especially Suri, to escape.

We have heard some of what they are capable of, but I'm wondering how much more they are capable of. What we haven't heard.

Right now, Tom is looking after his good boy image. What's going to happen down the road, though?

[fiddlestickawshucks]

WHO CARES.??

Stars in Hollywood change spouses more often than most people change clothes.

And, all those who have children out of wedlock have all the morals of the average alleycat.

I feel really sorry for the kids.

Stop publicizing all this non-news, because young people tend to want to imitate these people and they only contribute to the further downfall of morality.

[fiddlestickawshucks]

WHO CARES.??

Stars in Hollywood change spouses more often than most people change clothes.

And, all those who have children out of wedlock have all the morals of the average alleycat.

I feel really sorry for the kids.

Stop publicizing all this non-news, because young people tend to want to imitate these people and they only contribute to the further downfall of morality.

[JustSayIt]

A lot of good joining a cult did her career. What was the last thing she's done? Believe me, this was more of a career move more than anything else. You think she even sees her child more than she has to? Photo-Op, "Katie quick! Pick up what's her face!"

[JustSayIt]

I sure am glad that they were able to come to an agreement. I know I was losing sleep over what would happen with these two. I put all my day to day responsibilities aside until I was sure that these guys would be ok.

[TheKritik]

No kidding man,i've been tossing and turning on my cheap and long worn-out mattress ever since the split news hit the wire.