Tom and Katie release a joint statement on divorce

Image and video hosting by TinyPic

As they continue to hammer out a divorce settlement, Tom Cruise and Katie Holmes have released a joint statement asking for privacy as they work out a custody arrangement for their 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 Holmes and Cruise's reps, Nanci Ryder and Amanda Lundberg respectively.

No word on when the couple will reach an agreement, but sources close to both sides say that Cruise, 50, and Holmes, 33, will likely agree to an arrangement where Suri, 6, lives in New York with her mother and her father is given generous visitation rights.