Katie and Tom Reach Divorce Settlement

Well that was fast.

Just 11 days after Katie Holmes filed for divorce from her husband of five years, Tom Cruise, media reports say that the couple has reached a settlement.

Perhaps in an effort to avoid a nasty and prolonged court battle over the custody of their only child, six-year-old Suri, the pair have apparently already signed the agreement.

Sources say that Suri will live primarily in New York with the 33-year-old actress, while Cruise, 50, will get “generous visitation rights.”

[Check out "A Look Back at TomKat"]

Holmes’s attorney Jonathan Wolfe confirmed the deal in a statement to PEOPLE:

“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.

This result could not have been achieved without the hard work of my partner Gary Skoloff and our co-counsel Allan Mayefsky, Michael Mosberg and Larry Trachtenberg of Aronson Mayefsky and Sloan and Peter Walzer and Chris Melcher of Walzer & Melcher in California.

“We thank Tom’s counsel for their professionalism and diligence that helped bring about this speedy resolution.”

[Read "Tom, Katie and Why it Never Pays to Marry a Rich Man"]

The couple also released a joint statement through a rep:

“We are committed to working together as parents to accomplishing 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.”

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