Tom Cruise, Katie Holmes Reach Divorce Settlement

Compared with certain other unions, this one seemingly ended both rapidly and painlessly.

E! News reported Monday afternoon that Tom Cruise has reached a divorce settlement ending his five-year marriage with Katie Holmes. "The case has been settled and the agreement has been signed," Holmes' attorney said. "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."

The settlement announcement arrives just hours after the pair released a joint statement wherein each promised guarded privacy while working through their split. Holmes, 33, first filed her paper June 29 in New York, with E! speculating that her choice of venue suggested she wanted full custody of the pair's six-year-old daughter, Suri. Suri was born out of wedlock before the former "Batman Begins" and "Dawson's Creek" star wed Cruise Nov. 18, 2006.

For the last two years, Holmes has made monthly visits to The Big Apple. She's already signed a lease on a Chelsea Mercantile apartment in Manhattan.

The speculation has flowed like wine since the late-June divorce announcement. Reports have often supposed Holmes sought a parting from the "Mission: Impossible-Ghost Protocol" and "Rock of Ages" star over differences with raising Suri in Cruise's beloved Church of Scientology. Another report speculated that Holmes might be a due a scant $5 million of the pair's net worth, and that Holmes would play raising Suri against Cruise in court for a richer settlement.