Katie Holmes and Tom Cruise reach quick divorce settlement

Katie Holmes and Tom Cruise only announced they were divorcing a week ago.

Katie Holmes, Tom CruiseKatie Holmes and Tom Cruise have reached a speedy settlement. Copyright [Rex]

But the Hollywood pair have already reached a speedy divorce settlement with their lawyers.

Actor Tom's lawyer Bert Fields told American website TMZ last night: "The Tom Cruise-Katie Holmes case has been settled with a signed agreement. Tom is really pleased we got there, and so am I."

While Jonathan Wolfe, acting for Katie said: "This 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."

Reports suggest that the 'Dawsons Creek' star has received sole custody of their six-year-old daughter Suri but Tom will get significant custodial time with the child.

Apparently the agreement also suggests how much Scientology the small child can be exposed to.

An insider told Radar: "Suri is Katie's number one priority. Tom only has Scientologists that work for him and Katie insisted that her staff will always be with their daughter.

"Under terms of the settlement, Suri isn't permitted to be exposed to anything Scientology related and this includes going to any Scientology churches, parties, etc. Katie made sure that this was ironclad."

Tom Cruise, Katie Holmes, Suri CruiseApparently Katie Holmes has custody of Suri Cruise. Copyright [Rex]

Lawyers from both side had been hammering out an agreement with the pair since late last week - to prevent the case going to court.

And yesterday the estranged couple released a statement insisting that they would be working together to make sure their daughter came first.

[Related story: Katie Holmes to play single mother in next project]

[Related story: Suri is the deal-breaker in Tom/Katie case]

It said: "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."

Meanwhile according to reports Katie Holmes' next professional project will be close to home in the form of a film about a single mum.

The 33-year-old star co-wrote and is co-producing the new film 'Molly', which is reportedly scheduled to shoot until August in New York City.