The divorce between movie stars Tom Cruise and Katie Holmes, finalized in August, will reportedly result in her receiving approximately $400,000 a year in child support as well as being the primary custodial parent of the couple’s 6-year-old daughter. Most ordinary parents in Illinois, of course, are not in the position of being awarded child support which even approaches this level. However, many parents are interested in details of other people’s settlements, as they address the situations that many others face.
In light of her own celebrity and fortune, Holmes is foregoing any claim for spousal support from her estranged husband. In the context of the vast fortune amassed by Cruise from his highly successful films, the level of child support he has agreed to contribute is being characterized by some as “modest.”
The support being awarded as part of a deal between the couple amounts to $33,333 a month. Holmes has said that she will spend these funds on her daughter’s care. Cruise must also, however, pay for his child’s medical care, education, and insurance needs from now until she is over the age of 18. An additional term of their settlement specifies that their daughter will not attend any kind of residential or boarding school.
Some estimate Cruise’s wealth as totaling close to a quarter of a billion dollars. Cruise, who once starred in such runaway hits as “Risky Business” and “Top Gun,” has recently found renewed success with the “Mission Impossible” series of films. The couple was married six years ago, with Holmes filing for divorce earlier this summer, saying that irreconcilable differences had arisen between them.
Holmes, herself a well-known actress, is 33 years old, while Cruise is now 50. The agreement by Holmes not to seek spousal support or any portion of Cruise’s huge fortune tracks the provisions of a prenuptial agreement between the couple.
Source: NY Daily News, “Katie Holmes to get $400K in child support,” Victoria Cavaliere, Aug. 24, 2012
• Our firm works with all types of parents who are going through a difficult divorce. For those who are interested in learning more about this process when it involves children, please visit our Illinois child support page.
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Child support viewed as "modest" in Cruise-Holmes divorce