More details regarding Tom Cruise and Katie Holmes’ divorce settlement are being revealed, including the amount of money Cruise is obligated to pay in child support for the former couple’s 6-year-old daughter, Suri.
Despite Tom’s $250 million fortune, Holmes will receive no spousal support and only a small amount of monthly child support, TMZ reports. The former Dawson’s Creek actress was granted full custody of Suri in a shockingly quick divorce settlement.
According to documents filed, Cruise must pay Holmes $400,000 per year in child support for the next 12 years – until Suri turns 18. The sum amounts to a grand total of $4.8 million, which is significantly less than a judge could have ordered if the case went to trial.
Cruise will also be required to pay for Suri’s expenses, including medical, dental, insurance, education, college and other extracurricular costs. Cruise and Holmes have reportedly agreed that Suri will not be enrolled in a “residential school” between now and her high school years, meaning that she will be legally unable to attend any boarding schools – including Scientology.
As THR previously reported, Holmes filed for divorce on June 28 and reached a settlement in their divorce proceedings less than two weeks later.
"We are committed to working together as parents to accomplish what is in our daughter Suri's best interests," a joint statement read. "We want to keep matters affecting our family private and express our respect for each other's commitment to each of our respective beliefs and support each other's roles as parents."