In a joint statement released yesterday, Tom and Katie said they are 'committed to working together as parents' for the sake of daughter Suri Cruise, who will reportedly remain in New York with Katie Holmes.
Confirming the speedy resolution to their split, the couple asked for privacy, and expressed their respect for 'each other's commitment to each of our respective beliefs'.
'We are committed to working together as parents to accomplish what is in our daughter Suri's best interests,' Tom and Katie's split statement read.
'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 Holmes' lawyer Jonathan Wolfe added: 'This 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.
'We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution'.
Although Tom and Katie have declined to reveal the terms of the settlement, it's thought their daughter Suri Cruise will reside in New York with Katie Holmes, but make weekly visits to Tom Cruise, accompanied by her nanny and bodyguards.
It has also been reported Suri 'isn't permitted to be exposed to anything Scientology-related' during the trips.
'Katie insisted that Suri's nanny and bodyguards always accompany her when she visits Tom,' one insider told US gossip site Radar.
The source added: 'Under terms of the settlement, Suri isn't permitted to be exposed to anything Scientology related and this includes going to any Scientology churches, parties, etc. Katie made sure that this was ironclad.'
New York divorce lawyer Lubov Stark told the New York Daily News Katie Holmes' strict settlement: 'Katie Holmes did an amazing job. She definitely got the upper hand positioning her case the way she did.
'She got custody being really aggressive and giving Tom a bit of a preview of the media attention he’d get if he didn’t come to the settlement table.'
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