"We are committed to working together as parents to accomplish what is in our daughter Suri's best interests," the statement read.
"We want to keep matters affecting our family private and express our respect for each other's commitment to our respective beliefs and support each other's roles as parents."
News of the settlement was swiftly followed by a flurry of speculation over the precise details of the pair's agreement, particularly over the custody arrangements.
Webloid RadarOnline reported that Holmes will have primary custody of their daughter.
Sources claimed that Holmes will continue to live in New York City with Suri, with significant visitation rights for Cruise.
The website also reported that Holmes insisted that Suri is accompanied by her team of bodyguards and nannies when she visits Cruise.
A source said: "Katie insisted that Suri's nanny and bodyguards always accompany her when she visits Tom. Katie did this for several reasons.
"Suri is Katie's number one priority. Tom only has Scientologists that work for him and Katie insisted that her staff will always be with their daughter. Under terms of the settlement, Suri isn't permitted to be exposed to anything Scientology related and this includes going to any Scientology churches, parties, etc.
"Katie made sure that this was ironclad in the agreement."
However, scandal sheet TMZ says Radar's report that Cruise's visitations with Suri will be accompanied by Holmes's staff is "absolutely, 100 percent false".
TMZ also elaborates on what it claims is detailed in the former couple's divorce settlement, including "restrictions on what Tom and Katie can discuss with Suri on the subject of religion, including Scientology".
Additionally, the website says the "agreement is extremely detailed and outlines a course of conduct for years to come".
People also reported alleged details of the custody agreement over Suri, claiming that Cruise will receive "generous visitations" with his daughter.
"They both love their daughter and Tom thinks she should be with her mother," a source said.
"[Tom] didn't want his family dragged through the mud. Neither one of them wanted this to be hashed out in public."
Earlier today, Us Weekly reported that Holmes had refused to budge when it came to her request for sole legal custody of Suri.
"She is dead set on keeping custody of Suri," a source said. "Katie is not going to compromise on certain issues, all regarding Suri."
Numerous inaccuracies
However, Holmes's lawyer has since spoken out to dismiss media reports that claim to flip the lid on the pair's settlement.
"There are numerous inaccuracies in the reports regarding the purported contents of the agreement reached between the parties," Wolfe said. "The agreement is confidential and its terms will not be disclosed."
The Top Gun star and Holmes were married in an Italian castle in November 2006 after a year and a half together.
This was Holmes' first marriage and the third for Cruise, who was previously married to Nicole Kidman, with whom he has two children, and Mimi Rogers.
What Katie did next
As she gears up to divorce from hubby Cruise, former Dawson's Creek star Holmes is also focusing on her career.
According to People magazine, Holmes is set to begin production on a new film, Molly, next week.
The movie, which Holmes co-wrote and is co-producing, plots the life of a single mother and her daughter, according to a source.
Life imitating art?
Filming will be in New York City, and will last until August.
Meanwhile, Cruise, who turned 50 last week, is also heading back to work.
The actor was snapped arriving in Mammoth Lake Airport, California, today as he returned to work on his latest film, Oblivion.
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