Tom Cruise and Katie Holmes Divorce: Breaking Down the $275 Million Battle
After the news broke that Tom Cruise and Katie Holmes are seeking a divorce, many are wondering what will happen to the former couple's combined multi-million dollar estate.
Reportedly, the 49-year-old Rock of Ages actor has a net worth of $250 million, while his former ladylove Holmes, 33, has $25 million to her name. According to Forbes, Cruise alone has raked in $75 million as of May 2012.
So how much of his fortune at stake now that Holmes has filed for divorce?
According to Paul Talbert, New York-based matrimonial lawyer at Chemtob Moss Forman & Talbert LLP, the couple's reported pre-nuptial agreement will determine the outcome of the divorce proceedings.
Holmes filed for divorce in New York City on June 29, citing irreconcilable differences as the cause of the split.
"New York has a strong public policy favoring pre-nuptual agreements and to recognize pre-nuptual agreements. In general, the pre-nutual agreement will be upheld to what [Holmes] will be entitled to in terms of dividing property," Talbert tells Celebuzz.
As for Cruise's amassed fortune before the marriage, Talbert tells us that it's mostly safe from the Batman Begins actress.
"If I were to guess what the terms of the pre-nuptial agreement are, one of the terms is almost certainly that whatever they came into the marriage with remain their separate property," he says.
However, there's still the case of the custody of the couple's six-year-old daughter, Suri Cruise.
"In terms of what the child custody arrangements are going to be, that will not be dictated by the pre-nuptial agreement," Talbert explains. "That's something they'll have a disagreement on if Katie filed for sole custody."
Recently, TMZ reported that Holmes is seeking primary residential custody of her only child. If sole custody is granted, Cruise faces another dispute of wealth in terms of child support.
"In New York, on one child, there is a law that it's 17 percent of the parental income up to $136,000 a year of combined parental income. In cases involving very high income and high lifestyle, the court looks at the actual needs of the child as opposed to any statutory cap or percentage of income," Talbert weighed in. "It will be settled between the two of them and put forth in the agreement -- and if they can't agree, then the court will decide."
"The agreement or court orders will be based on what's the actual needs of the child," he adds. "Depending on what the lifestyle is, it could be a very significant."
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