Tom Cruise, Katie Holmes Reach Divorce Settlement

July 9, 2012 Updated Jul 9, 2012 at 1:58 PM EDT

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Tom Cruise, Katie Holmes Reach Divorce Settlement

July 9, 2012 Updated Jul 9, 2012 at 1:58 PM EDT

Well, that was fast.

According to People magazine, Tom Cruise and Katie Holmes have reached an agreement on a divorce settlement. The 33-year-old Holmes filed for divorce from the 50-year-old Cruise earlier this month.

Read the People magazine report HERE.