The remarkably quick deal, which Tom Cruise and Katie Holmes have signed, was concluded just 11 days after Holmes filed for divorce and followed marathon negotiations between two teams of lawyers over the weekend, writes The Telegraph.
“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,” Holmes attorney Jonathan Wolfe of New Jersey-based firm Skoloff & Wolfe said in a statement.
Cruise lawyer Bert Fields also released a statement saying, “Tom is really pleased we got there, and so am I.”
The couple issues a joint staement: “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.”
Hollywood’s highest earning star Cruise, 50, married Holmes, 33, who first gained fame on television drama “Dawson’s Creek,” in a glamorous wedding in an Italian castle in November 2006. Their daughter Suri was born about six months earlier.
According to Reuters, the couple and their young daughter quickly became a favorite of celebrity magazines and seemed quite happy until late last month when Holmes filed for a divorce in New York. Her move surprised fans and even Cruise, who was in Iceland shooting a movie.
Holmes, who was raised a Catholic, is thought to have secured her wish that Suri not be brought up in the Church of Scientology.
Lawyer Wolfe released a statement saying the deal was being kept under wraps.
“There are numerous inaccuracies in the reports regarding the purported contents of the agreement reached between the parties. The agreement is confidential and its terms will not be disclosed,” Wolfe said.
Holmes is currently living in a three-bedroom apartment in New York with Suri, while Cruise is based primarily in Los Angeles with his two adopted children Connor, 17, and Bella, 19.
The divorce agreement provides Cruise with visitation with his daughter but gives Holmes the lead role in choosing how Suri will be educated, a source told Los Angeles Times.
“Both parents will have a meaningful relationship with their daughter,” the source said.
Paul Talbert, a family law attorney with New York-based firm Chemtob Moss Forman & Talbert, called the speed of negotiations and settlement – Holmes initially filed for divorce on June 28 – fast for such a high-profile couple with abundant assets.
“Cases with so many moving parts do not routinely resolve themselves in a matter of 10 days. We obviously have one or two extremely motivated people,” Talbert said. “Nobody wins in a messy public battle, and you certainly have two concerned parents here that recognized Suri definitely loses if this is a public divorce.”
Cruise continues to thrill audiences. His most recent “Mission: Impossible – Ghost Protocol” sold nearly $700 million worth of tickets worldwide following its release in December 2011.
Katie Holmes signed a cast iron prenuptial agreement before the marriage five years ago, and has indicated she wants to “earn her own money” from her acting career.
Cruise has two adopted children with his previous wife, Nicole Kidman. The actor was also previously married to Mimi Rogers. This was first marriage for Holmes.