After a negotiation through their lawyers, Katie Holmes and Tom Cruise have reached a settlement. The former couple released a joint statement that they are focused on protecting their only daughter together, six-year-old Suri.
"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," the couple said via their respective reps.
Holmes had a lengthy discussion with her legal team at Allan Mayefsky's Manhattan office on Friday, July 7. Rumor has it, Holmes was working an arrangement where Suri will live primarily with her in a New York apartment while Cruise is given generous visitation rights. The actor lives with his two other kids in Los Angeles.
Meanwhile, Holmes' attorney Jonathan Wolfe is more than happy to announce that "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."
Wolfe added to People, "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."