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Tom Cruise and Katie Holmes to divorce

It is likely that many of our Atlanta readers were unsurprised by the announcement that the marriage of actors Tom Cruise and Katie Holmes will end in divorce. But regardless of your opinion of the Cruise-Holmes union, it will probably be interesting to see how their divorce plays out.

One of the most potentially contentious issues of the Cruise-Holmes split will likely be the custody and support of their six-year-old daughter, Suri. In her divorce petition, Katie Holmes reportedly requested primary custody of Suri, as well as a “suitable amount” of child support. The meaning of “suitable” may easily become a contested issue, as has been the case in several other recent celebrity child support battles.

But it appears that other common divorce issues, such as property division and spousal support, may already be sorted out. Cruise and Holmes reportedly signed an intricate prenuptial agreement prior to marrying in 2006. Media reports from that time state that, under the terms of the prenup, Holmes is entitled to $3 million for every year of marriage, up to 11 years and $33 million.

If they had remained married for 12 or more years, Holmes would have reportedly received half of Cruise’s fortune, which is currently estimated at approximately $250 million.

However, Holmes will receive $15 million – $3 million for each of the couple’s five years of marriage – under the terms of the prenuptial agreement. She will also reportedly receive the couple’s California home, as dictated by the prenup. It is not known how they will divide any other assets that have been acquired since their wedding day.

Source: Time, “Tom Cruise and Katie Holmes Split: What Happens Now?” Patience Haggin, June 29, 2012