Looks like we won’t havethe World War III of divorces after all! Tom Cruise and Katie Holmes havereached a settlement on their case just two weeks after it was filed.

Katie’s attorneyJonathan Wolfe confirmed the news to PEOPLE, saying, “The case has been settledand the agreement has been signed. We are thrilled for Katie and her family andare excited to watch as she embarks on the next chapter of her life… we thankTom’s counsel for their professionalism and diligence that helped bring aboutthis speedy resolution.”

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Tom Cruise walking with Katie Holmes holding hands

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No details have beenrevealed as to what the couple agreed on exactly, but their focus remains thesame – their six-year-old daughter Suri. The couple released a statement,saying, “We are committed to working together as parents to accomplishwhat is in our daughter Suri's best interests. We want to keep mattersaffecting our family private and express our respect for each other's commitmentto each of our respective beliefs and support each other's roles as parents."

Sources have said that aliving arrangement is in the works now, where Suri would live in New York City withKatie and Tom would be given generous visitation rights. Now that that issettled, we can all give a huge sigh of relief and move on with our lives!

UPDATED: Katie's attorney released a new statement: “There are numerous inaccuracies in the reports regarding thepurported contents of the agreement reached between the parties. The agreementis confidential and its terms will not be disclosed.”

If this is true, do youthink generous visitation rights given to Tom is fair? Let us know yourthoughts in the comments section below!

Photos Courtesy of Fame FlyNet