Tom Cruise and Katie Holmes signed a deal to settle their divorce on July 9 and it is believed that Suri will live primarily with her mother.
The pair issued a joint statement on Monday which said that they are "committed to working together as parents to accomplishing" what is in their 6-year-old daughter Suri's "best interests." No details about custody arrangements, child support or other financial matters were disclosed, but a source told People magazine that Suri will live primarily with Holmes.
"They both love their daughter... and Tom thinks she should be with her mother," the source said, adding that Cruise doesn't want his family "dragged through the mud" and neither party wants a public custody battle.
Holmes and Suri recently moved into a three-bedroom apartment in New York's Chelsea neighborhood. According to the entertainment magazine, Holmes plans to enroll Suri in a private school in Manhattan in the fall. The youngster has previously been home-schooled by tutors.
Holmes filed the papers on June 28, seeking sole custody of the child. The filing had reportedly come as a "complete surprise" to Cruise, 50, who was in Iceland shooting the sci-fi flick "Oblivion."
The separation of the couple, one of Hollywood's most famous, has ignited a media storm and speculation that Holmes, 33, aims to keep their daughter, her only child, from being raised in the Church of Scientology - Cruise's religion.
"The case has been settled and the agreement has been signed," Holmes' attorney said in a statement obtained by OnTheRedCarpet.com on Monday, July 9. "We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life."
"Tom is really pleased we got there, and so am I," Cruise's lawyer added about the settlement.
The actor and Holmes own several properties, including homes in Los Angeles and New York, where the actress currently resides with their daughter.
"We are committed to working together as parents to accomplishing what is in our daughter Suri's best interests," Holmes and Cruise said in a joint statement to OnTheRedCarpet.com. "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."
Cruise and Holmes were married in a Scientology ceremony in 2006 in Italy. This was her first marriage and Cruise's third - he was previously married to actress Mimi Rogers between 1987 and 1990 and to actress Nicole Kidman. The two wed in December of that year and divorced in 2001. They have two adopted children - Isabella, 19, and his son Connor, 17.
During Cruise's 50th birthday last Tuesday, Holmes and Suri were photographed smiling at an ice cream parlor in New York. Cruise spent his big day in California with his extended family and older children.
Cruise had planned to celebrate his birthday in Iceland with Holmes, but flew to California instead, according to People magazine. The pair has several homes, including a mansion in Beverly Hills.