Tom Cruise and Katie Holmes have reached a settlement in their divorce, her lawyer confirms 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," Holmes' attorney Jonathan Wolfe said.

Cruise and Holmes also released a joint statement regarding the settlement. "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," reps for Cruise and Holmes told People.

While details were not available, People reports "sources close to both sides say that Cruise, 50, and Holmes, 33, were working on an arrangement in which Suri, 6, lives in New York with her mother and her father is given generous visitation rights."

Earlier this weekend, it was reported that the two were in settlement talks to avoid divorce court.

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