Celebrity former couple Tom Cruise and Katie Holmes announced they have reached an out-of-court divorce settlement.

Katie Holmes confirmed two weeks ago that their five-year marriage had come to an end. Katie’s lawyer Jonathan Wolfe stated yesterday that his client had reached a “speedy resolution” over Cruise’s £180 million fortune.

Wolfe said, “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. We thank Tom’s counsel for their professionalism and diligence that helped bring this speedy resolution.”

Tom Cruise was deeply saddened at Katie’s decision to be separated. The main reason for divorce is speculated to be Cruise and Holmes opposing interests in Scientology. Their daughter Suri is currently studying in a Scientology-influenced school.

Tom’s long time lawyer Bert Fields said, “The Tom Cruise-Katie Holmes case has been settled with a signed agreement. Tom is really pleased we got there, and so am I.” The terms and conditions of the divorce is kept extremely confidential.

However, Tom has kept his terms to provide a “meaningful, significant and contact” with Suri. Holmes could receive a £10 million settlement or get full custody of their daughter. Both the parents insist that the child is the most important part of their life.

Holmes and Cruise together earlier stated, “We are committed to working together as parents to accomplish what is in our daughter Suri’s best interests.”

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Katie Holmes files for divorce with Tom Cruise