UPDATE: Katie Holmes gets primary custody in Tom Cruise divorce settlement

Tom Cruise and Katie Holmes reached a settlement in their divorce Monday, less than two weeks after Holmes filed paperwork to end their five-year marriage.

"The case has been settled and the agreement has been signed," Holmes attorney Jonathan Wolfe said in a statement to The Associated Press. "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."

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The agreement hammered out this past weekend gives Holmes primary custody of their 6-year-old daughter Suri, but allows both sides a say in her religious upbringing, a source familiar with the negotiations told the Los Angeles Times.

It provides Cruise with generous visitation rights, but gives Holmes the lead role in choosing how Suri will be educated, the source said.

Cruise’s longtime legal representative, Bert Fields, told the LA Times the actor was “really pleased” that an agreement had been reached.

Holmes and Cruise said in a separate statement they were focused on protecting their daughter.

"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," the statement from Holmes and Cruise's publicists read.

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Holmes, 33, is said to have stunned the 50-year-old Cruise when she filed for divorce June 29 in New York, according to CNN.

She and Suri recently moved into a three-bedroom apartment in New York, while Cruise has been spotted at home in Los Angeles with his teenage kids, Connor, 17, and Bella, 19.

The news comes as Holmes prepares to begin filming a movie she co-wrote and will co-produce based on a single mother and her daughter.