"The case has been settled and the agreement has been signed," Holmes lawyer Jonathan Wolfe said in a statement.
Cruise's representative Amanda Lundberg confirmed the settlement.
"We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life," the statement from Holmes' lawyer said on Monday.
"We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution."
Cruise, 50, and Holmes, 33, had a romance that ended as it began - as tabloid fodder.
They have asked for privacy for their family with six-year-old daughter Suri.
"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," read the statement from Lundberg and Holmes representative Nanci Ryder.
The resolution was notably quick, particularly in Hollywood terms.
By way of comparison, Kim Kardashian and Kris Humphries are still negotiating a divorce for an August 2011 marriage that lasted less than three months.
In the celebrity news media, Holmes has been portrayed with overwhelmingly more sympathy.
Whether true or not, the narrative that emerged was of a locked-away Holmes breaking free from the servitude of a strange, corrupting marriage.
Cruise's camp vigorously denied such a reading. Cruise's lawyer Bert Fields has said they were letting "the other side play the media until they wear everyone out".
The quick settlement and joint statement may put out some of that fire.
"It's not entirely certain that it's all about Rapunzel fleeing the castle, which is the motif that people love to use," said Larry Hackett, managing editor of People magazine, which broke the news of Holmes' divorce filing.
He called this the biggest celebrity story in two or three years, excepting the sudden death of Whitney Houston.
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