Tom Cruise, Katie Holmes Settle Divorce: Actors Sign Agreement to Avoid Legal Battle

Just two weeks after filing for divorce, Tom Cruise and Katie Holmes have reached an agreement according to a statement issued by Jonathan W. Wolfe, an attorney for Holmes.

"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," said Wolfe.

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Cruise's lawyer Bert Fields confirmed the agreement exists in a statement to celebrities' site TMZ today: "The Tom Cruise-Katie Holmes case has been settled with a signed agreement. Tom is really pleased we got there, and so am I."

According to the site, Cruise's condition to reach an agreement was "meaningful, significant" contact with his daughter Suri.

The announcement came just hours after the couple released a joint statement to E! News.

In the statement, they say "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."

Katie filed for divorce June, 29 in New York claming "irreconcilable differences", and the couple would have had to appear in court to July 17, if they were unable to come to an agreement before then.

According to sources, Tom is to blame for the divorce. Allegedly, Katie didn't want their child growing up in the scientology community. He is also said to have treated Holmes like a puppet, according to TMZ. According to the website, Cruise made every major decision in her life, both professionally and personally. "In the end, she felt like she couldn't breathe without his permission," says the website.

The couple was married for a total of five year and did not release any details about who would have custody of their daughter Suri, or what financial arrangements were reached.