Tom Cruise and Katie Holmes have reached a swift divorce settlement which was hammered out over the weekend.

The 33-year-old's attorney Jonathan Wolfe confirmed today that a deal has been made less than two weeks after the actress filed to end her five-year marriage to the Mission Impossible star.

Although specific details have not yet been released, Wolfe says he's happy both sides managed to come to agreement so quickly.

"The case has been settled and the agreement has been signed," the lawyer said in a statement to People.

"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."

Tom, 50, and Katie, 33, had earlier released a statement saying that they were "committed to working together as parents" for the benefit of their six-year-old daughter Suri.

Katie has already moved into a new three-bedroom apartment in New York and has a whole new security and public relations team.

She is set to start work on a new movie that she has co-written about life as a single mother.