Katie Holmes and Tom Cruise

Tom Cruise and Katie Holmes have reached a divorce settlement.

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"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' lawyer Jonathan Wolfe said in a statement Monday. "We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution."

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Cruise's lawyer Dennis Wasser added: "All the lawyers and the parties are happy that it's done, the deal was closed and we wish everyone well."

Terms of the settlement are confidential, Wolfe's co-counsel Allan Mayefsky said in a statement. Holmes had reportedly requested sole custody of their 6-year-old daughter Suri. She and Suri recently moved into a new apartment in New York City.

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The settlement came shortly after the pair released a joint statement saying that they were working together with Suri's best interests in mind. "We are committed to working together as parents to accomplish what is in our daughter Suri's best interests," the 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."

Holmes, 33, filed for divorce from Cruise, 50, on June 28 after five years of marriage.