In one of the quickest Hollywood divorces in history Katie Holmes and Tom Cruise came to an agreement, which was confirmed by Holmes' lawyer, Jonathan Wolfe.
"This 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."
Tom's longtime lawyer, Bert Fields, also released a statement, telling TMZ "The Tom Cruise-Katie Holmes case has been settled with a signed agreement. Tom is really pleased we got there, and so am I."
Lawyers on both sides have been working tirelessly to resolve the issues between the couple as things were starting to get overly publicized and out of hand.
One condition Tom had made clear when resolving the divorce was that he get "meaningful, significant" contact with Suri.
A statement from their respective reps revealed more insight into how they will raise their 6-year-old daughter.
"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."
An inside source revealed to People magazine that Suri is expected to live in New York with Katie while Tom receives generous visitation rights.