Coming a mere two weeks after Katie Holmes filed for divorce from uber-star Tom Cruise, the pair announced today that they have reached an agreement when it comes to how they will split their belongings, cash, and time with Suri.

The couple have said little about the divorce since news first broke, although Cruise commented to media that he was “deeply saddened” by Holmes’ decision. The actor has been filming on location in Iceland and hasn’t been in the public eye much; she, on the other hand, has been out and about with Suri in the past week or so, getting ice cream and visiting museums. She also showed up right on time for her guest spot on the upcoming season of “Project Runway”, where she was a guest judge.

Holmes’ attorney Jonathan Wolfe announced the settlement today in a statement:

“The case has been settled and the agreement has been signed. We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life. This result could not have been achieved without the hard work of my partner Gary Skoloff and our co-counsel Allan Mayefsky, Michael Mosberg and Larry Trachtenberg of Aronson Mayefsky and Sloan and Peter Walzer and Chris Melcher of Walzer & Melcher in California. We thank Tom’s counsel for their professionalism and diligence that helped bring about this speedy resolution.”

While the details of the arrangement haven’t been disclosed, People Magazine is reporting that the exes are working out an arrangement that involves Suri living full-time with Holmes and given generous visitation with Cruise. They released their own statement on the situation:

“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,” says the statement.

The entire process has happened so speedily, one has to wonder if plans were being made much earlier than the public was privy to.