Tom Cruise, Katie Holmes to keep divorce details confidential

Katie Holmes and Tom Cruise attend the National Movie Awards 2010 at the Royal Festival Hall on May 26, 2010, in London.
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(CBS News) Katie Holmes and Tom Cruise won't be divulging details of the divorce deal they signed on Monday.

Lawyer Jonathan Wolfe said the settlement, which ended the couple's five-year marriage, will be kept confidential.

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

"There are numerous inaccuracies in the reports regarding the purported contents of the agreement reached between the parties," Wolfe told People. "The agreement is confidential and its terms will not be disclosed."

But that doesn't mean speculation won't occur. Sources tell People that the couple's 6-year-old daughter, Suri, will spend most of the time with Holmes in New York, while Cruise will get generous visitation rights.

Holmes, 33, recently moved into a new apartment in the Chelsea area of Manhattan. Since filing for divorce last month, she's been spotted out with Suri, getting ice cream and shopping at Whole Foods. Cruise, 50, has been working on his upcoming film, "Oblivion."

On Monday, Wolfe announced that a divorce deal had been signed, less than two weeks after Holmes first filed in New York.

"We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life," he said.

Shortly before the announcement, the former Hollywood couple released a joint statement asking for privacy as they hammered out a custody arrangement.

"We are committed to working together as parents to accomplish what is in our daughter Suri's best interests," the statement explained. "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."

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