The Tom Cruise and Katie Holmes divorce drama of 2012 has been settled less than two weeks after it began.

View Photo Gallery: The Hollywood stars are calling it quits after a high-profile courtship and more than five years of marriage.

As first reported by People, the actors have reached a settlement and both have signed the papers that will free Cruise, 50, and Holmes, 33, from their five-year marriage.

Jonathan Wolfe, Holmes’s attorney, released a statement that read, in part: “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.”

When asked via e-mail if the agreement means that Holmes will get full custody of daughter Suri Cruise, Wolfe merely stated that, “I can confirm that all matters have been resolved.”

People’s report cites sources who say that Holmes and Cruise are “working on an arrangement in which Suri lives in New York with her mother and her father is given generous visitation rights.” That makes it sound like Holmes will indeed have primary custody, but that Cruise will still be able to regularly see his daughter.

The couple also issued a joint statement on the subject of their now-former marriage and made sure to note that both will actively participate in Suri’s life. It also notes that they respect each other’s beliefs, confirmation that Scientology and Suri’s relationship with it may indeed have been the key sticking point in the marriage.

“We are committed to working together as parents to accomplishing what is in our daughter Suri’s best interests,” says the statement, sent to Celebritology via Cruise’s rep, Amanda Lundberg. “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.”

For those who had hoped that the Cruise-Holmes divorce would play out in a lengthy, ugly and highly public fashion, thereby leading the Celebritology morning mix every day from now until at least Halloween, this news is probably disappointing. But reaching a quick and — at least for now — extremely private divorce settlement is undoubtedly the best way for both Cruise and Holmes to maintain control of their public images.

Still, wow. That was really fast.

Why so fast? Oh, fellow Celebritologists, I have no doubt that you have theories. Please feel free to share them in the comments section.