Many were surprised last month at the speed and efficiency that Tom Cruise and Katie Holmes were able to complete their divorce settlement – which reportedly only took 11 days after Holmes had filed for divorce. It is likely that the existence of a well-written prenuptial agreement signed before the “TomKat” marriage aided the parties when hashing out their divorce parameters.
However, even though Katie Holmes will receive no lump sum payment or any alimony following her divorce from Tom Cruise – likely due to the prenuptial agreement – the couple’s six-year-old daughter, Suri, will receive $400,000 each year in child support from Cruise.
The child support payments, which will continue for 12 years until Suri is 18, will average $33,333.33 a month – and will ultimately total $4.8 million, according to a recent report by TMZ. Cruise will also be responsible to pay for all of the child’s medical, extracurricular and education expenses.
While this amount seems incredibly large for most people, it will likely be of little consequence or concern for Cruise, who is reportedly worth $250 million.
In many jurisdictions, child support payments are often calculated using a state-created formula, which is exactly the case here in New Jersey.
Source: Reuters, “Suri cruises to million in “TomKat” divorce: report,” Zorianna Kit, August 24, 2012
Our firm often handles situations in which child support needs to be determined following a divorce. If you would like to learn more about our family law practice, please visit our New Jersey Child Support page.