Tom Cruise And Katie Holmes Divorce Settlement Details Revealed

Details of Tom Cruise and Katie Holmes’ divorce settlement have just emerged.

33 year-old Katie Holmes is said to have walked away with next to nothing from the settlement, with multi-millionaire Tom only liable to pay child support for his daughter Suri.

Due to Tom and Katie’s pre-nup arrangement, Katie was shut out of receiving any of Tom’s $250million fortune and walked away from their five-year marriage with no lump sum payout. Katie was also illegible to receive any spousal support.

Katie Holmes 234x300 Tom Cruise And Katie Holmes Divorce Settlement Details Revealed

Katie Holmes

The settlement states that Tom is required to pay just $400,000 a year in child support to Katie for the next 12 years until Suri turns 18 years old. On top of this Tom is also responsible to cover medical and dental expenses, Suri’s education and college funds and any other extra curricular costs that should arise.

Other conditions the settlement states include that neither Tom nor Katie can submit Suri into a residential school, such as a boarding or scientology school and that Katie shall have sole custody of their 6 year-old daughter, with Tom granted meaningful visitation rights.

If Katie had decided to take the divorce case to trial, there would have been no doubt about it that Tom would have been accountable to pay a lot more money for both Suri and to Katie. Instead both parties wanted to amicably settle the payments. Insiders reveal Katie was not interested in taking any of Tom’s fortunes; instead she just wanted to go through with a quick divorce and move on with her life.

Despite the relatively small child support sum Tom is required to pay for Suri, she can expect to continue to be spoilt by him. Recent reports have revealed how Tom likes to splash out on lavish over-the-top gifts for her, which Katie who tries to raise their child as a down-to-earth 6 year-old strongly disapproves off.

Article By Victoria Beckett

Posted by on Aug 24 2012. Filed under Entertainment News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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