Katie Holmes and Tom Cruise have reached a divorce settlement, less than two weeks after the actress filed legal papers.

In a statement to People magazine, Holmes' attorney, Jonathan 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."

He added: "We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution."

Wolfe later said the agreement was confidential and terms would not be disclosed.

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

In a joint statement, the former couple 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."