Katie Holmes and Tom Cruise settle divorce and Suri custody

tom-cruise-katie-holmes-divorce-settlement-talks-gi.jpgLooks like Katie Holmes and Tom Cruise will avoid a public trial for their divorce. TMZ reports that the pair have reached an out-of-court settlement Monday (July 9).

"This case has been settled and the agreement has been signed," Holmes' attorney Jonathan Wolfe tells TMZ. "We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life."

The actress spent several hours at her attorneys' New York offices Friday, and People magazine and other outlets reported that her lawyers and those for Cruise had been talking about a settlement for days.  

"Neither one of them wants this to be hashed out in public," a source People.

One of Cruise's conditions for the settlement was to have "meaningful, significant" contact with the couple's daughter Suri, 6.  

"We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution," Wolfe adds. 
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