That Was Quick! Tom Cruise & Katie Holmes Reach Divorce Settlement

Just 10 days after Holmes filed for divorce, she and Cruise have signed an agreement that determines their custody arrangement with daughter Suri

Tom Cruise and Katie Holmes had a productive weekend! With their lawyers working around the clock, the superstar couple has reached a divorce settlement -- just 10 days after Holmes filed for divorce from her husband of five years.

"The case has been settled and the agreement has been signed," Holmes' attorney Jonathan Wolfe confirmed to People on Monday afternoon. "We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life."

After thanking the individual members of Katie's legal team, the lawyer added: "We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution."

Details on the settlement are not yet available, but People's sources report that 6-year-old Suri will be living with her mother in New York, while her dad retains "generous" visitation rights.

In a joint statement released to the press on Monday morning, Tom, 50, and Katie, 33, made it clear that Suri comes first for both of them.

"We are committed to working together as parents to accomplish what is in our daughter Suri's best interests," the couple said via their reps. "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."

By settling quickly, Tom and Katie will avoid what might have been a very messy court battle -- which is great for everyone, but especially for their daughter, who can now start to get into a normal routine.

On Sunday, Katie was spotted taking Suri grocery shopping in New York City, where the pair has recently been spotted going out for ice cream, to a museum and out to tea. Maybe she's thinking that if they go out every day, the paparazzi will eventually get bored and leave them alone? That would make their new life together truly amazing. 

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