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Tom Cruise/Katie Holmes

Settlement

Talks Underway

7/7/2012 1:50 PM PDT BY TMZ STAFF
EXCLUSIVE

0706_tom_cruise_katie_holmes_divorce_talks_article
Tom Cruise
and Katie Holmes have called a temporary truce while their lawyers try to negotiate a full divorce settlement ... TMZ has learned.

Sources very familiar with the situation tell us ... there are NO immediate plans for either side to go to court. There will be no court hearing Monday, Tuesday or in the foreseeable future, unless the negotiations fall apart.

Sources tell us the lawyers are negotiating child custody, visitation, child support and a property settlement.

We're also told the whole settlement could be ratified in New York if all goes well.  In other words, there may not be a move by Tom's camp to transfer the case to California, where judges are more likely to award joint custody.

One source described the emotional state of the negotiations as "calm."

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Katie was spotted this morning in NYC, heading into her lawyer's office.

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