Tom Cruise, Katie Holmes Settlement: How Much Child Support Is He Handing Over?
Tom Cruise is worth a whopping $250 million — but ex-wife Katie Holmes didn't get any of that fortune in the divorce, according to reports.
Less than two weeks after announcing their shocking split, Cruise and Holmes reached a speedy, behind-closed-doors settlement in July. And on Monday, the high-profile divorce came came to a close in New York City court.
Now financial details of deal have come to light.
Is Holmes seeing dollar signs?
Far from it, according to TMZ. After five years of marriage to the big-budget screen star, Holmes walked away with no spousal support from Cruise, says the site -- nor did the actress-turned-fashion-designer receive any lump sump from her former hubby.
But Holmes — who retains primary physical custody of the couple's six-year-old daughter, Suri — is collecting child support. Cruise is forking over $400,000 per year, via electronic transfer, in child support until Suri turns 18-years-old, reports TMZ. Over the next 12 years, that will total to $4.8 million.
And Cruise — who has liberal visitation rights with his daughter — is also on the hook for Suri's expenses, including any medical, dental, insurance, education, college and extracurricular costs. But there will be no expenditure for boarding school, as the exes have agreed that Suri will not attend a "residential school."
Do you think the divorce deal is fair? Sound off in comments.