Katie Holmes and Tom Cruise reach divorce settlement

(CBS News) Tom Cruise and Katie Holmes have reached an agreement to settle their divorce, reports People.

Pictures: Tom Cruise and Katie Holmes
Pictures: Suri Cruise
Pictures: Celebrity splits
Report: Cruise, Holmes in divorce settlement talks

"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 in the statement.

There's no word on the details, but earlier, the former Hollywood couple released a joint statement asking for privacy and respect as they settle their divorce and agree to a custody arrangement for their 6-year-old daughter, Suri.

"We are committed to working together as parents to accomplish what is in our daughter Suri's best interests," the statement explained, according to People. "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," said Holmes and Cruise's reps, Nanci Ryder and Amanda Lundberg respectively.

Sources told People that Suri will likely live in New York with Holmes, while Cruise, 50, will get "generous visitation rights."

Cruise and Holmes, 33, announced they were splitting last month after five years of marriage.