Katie Holmes, Tom Cruise Reach Settlement in Divorce

Tom Cruise and Katie Holmes have reportedly settled their divorce proceedings according to an attorney representing Holmes.

"The case has been settled and the agreement has been signed," Jonathan Wolfe, Holmes attorney, said in a statement, adding, "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 about this speedy resolution."

Holmes filed for divorce almost two weeks ago, ending a relationship that started back in 2005. The couple has a 6-year-old daughter, Suri, who has received a great deal of press since word came out.

In a statement released on Monday representatives for both parties urged for privacy during this time, highlighting the mutual respect the pair still shares for one another.

"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," they said in a statement by their reps, Nanci Ryder and Amanda Lundberg.

There have been numerous rumors swirling around as to the reason Holmes filed for divorce after five years of marriage, many dealing with Scientology and the role it played in the couple's lives.

Others believed that Holmes wanted to expand her stalled acting career and was unable to do so while married to Cruise.

"Katie just wants to live out of the spotlight of Tom. She wants to focus on her acting career, which has taken a backseat since her marriage," a source close to the situation told RadarOnline.com.

"She is currently filming a movie and has another project lined up and she wants to amp up her career another notch, which she has struggled to do the past few years. Tom was always very vocal about what roles Katie should play," the insider added.