Some Valentine's Day for Tom and Katie. Life & Style is claiming the couple have split. They report:

Life & Style has learned exclusively that Tom Cruise and Katie Holmes have agreed to call off their wedding — and, ultimately, to split.

Multiple insiders confirmed the story to Life & Style, with one longtime friend of Tom’s saying: “Their relationship is basically over.� Another friend adds: “They both agreed that the marriage wouldn’t work and they wanted to end it before they learned to hate each other.�

The insiders say that Tom, 43, and Katie, 27, plan to keep up the charade of a romance until after their baby’s birth this spring. In the meantime, the couple will live in his Beverly Hills home — though sleeping in separate bedrooms — through the summer. Then, presumably, they’ll announce a separation — but Tom plans to buy Katie a home nearby so he can visit his child whenever he wishes.

“They’ll share custody,� says the friend, who claims the couple are drawing up a legal document to provide for Katie’s and the baby’s financial well-being for life. “Tom will set up Katie and the baby,� adds the pal.

And on a side note, Tom is still not gay.

More of the article at Best Week Ever Blog so click here.