Tom Cruise And Katie Holmes Reach Divorce Settlement

Tom Cruise and Katie Holmes have reached a divorce settlement, their reps have confirmed.

"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," reads the statement from Holmes and Cruise's reps, Nanci Ryder and Amanda Lundberg respectively.

It is not yet known what kind of spousal and child support Katie will receive, but sources tell People Magazine that the former couple were working on an arrangement in which 6-year-old Suri would live with Holmes in New York with Cruise having "generous visitation rights."

Holmes filed for divorce on Thursday June 28 in New York citing irreconcilable differences, and in the court papers she also requested sole custody of Suri. The 33-year-old actress recently moved into a new 3-bedroom apartment in New York City, while Cruise's primary residence is his Beverly Hills mansion, which he shares with his teenage kids, Connor, 17, and Bella, 19.