Tom cruise to pay $50 million as divorce settlement

NEW YORK: In a very secret, private settlement, Tom Cruise and Katie Holmes have officially parted ways last weekend, a month after Katie filed for divorce. Considering the high profile nature of the case, lawyer’s for both Tom Cruise and Katie Holmes ensured a speedy, very private settlement for both of them. And a large part of that can be attributed their 6-year-old daughter Suri’s well being. Neither saw the point of making their divorce a bitter, acrimonious battle that would affect Suri.

 

In an interview with CNN, Holmes’ attorney Jonathan Wolfe, even praised Cruise’s attorneys for “their professionalism and diligence that helped bring about this speedy resolution…. “We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life,” Wolfe said.

 

As to the terms of the settlement, Holmes will have primary custody of her 6-year-old daughter, Suri. The agreement provides Cruise with visitation rights but gives Holmes the lead role in choosing how Suri will be educated. Though, it seems that Tom Cruise may shell out as much as $40–50 million.

 

A prominent LA family attorney Lisa Helfend Meyer, has explained that in California, 7-10% of a person’s income is usually what is given as settlement. Assuming that Tom’s income is $20 million a year, in California, he’s a high-income earner. Additionally, in the last year he earned way more than usual and even led the Forbes list of highest paid actors, having earned an estimated $75 million between May 2011 and May 2012. “I think the deal was basically Katie got primary custody in New York, which has very liberal visitation rights, and a lump sum amount of money. I think there was a lot of money attached to the settlement,” the lawyer added.