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Entries in divorce settlement (1)

Friday
Aug242012

Details of Tom and Katie‚Äôs Divorce Settlement Revealed

Europa Press/Getty Images(NEW YORK) -- There’s apparently a good reason why Katie Holmes and Tom Cruise were able to settle their divorce rather quickly: They didn’t have a lot to negotiate.

TMZ.com quotes sources familiar with the couple’s court documents as saying Katie did not receive a lump sum payout, as per a pre-nup agreement, or even spousal support.  TMZ reports Cruise has a $250 million fortune.

The website reports Tom does have to pay Katie $400,000 a year in child support for their daughter Suri.  That breaks down to $33,333.33 a month, which must be paid via electronic transfer.

According to settlement papers, Tom must pay child support for Suri until she turns 18.  The actor is also required to pay her medical expenses and education costs, including college.  The couple has agreed that Suri will not attend a “residential school” from now through high school, which means she can’t be sent away to boarding school.

Copyright 2012 ABC News Radio







ABC News Radio