The lawyers are negotiating child custody, visitation, child support and a property settlement.
There are NO immediate plans for either side to go to court. There will be no court hearing in the foreseeable future, unless the negotiations fall apart.
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.
Tom has bow out gracefully and admit defeat, because Katie’s clearly got the upper hand. You gotta know when to hold ‘em, know when to fold ‘em, know when to walk away, and know when to run. That’s why I’m a disciple of the church of The Gambler.
UPDATE: TMZ now confirms that they have officially settled.
Arriving at her attorney’s office in New York yesterday: