Epic divorce and child custody battle brewing in the Big Apple!

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No doubt Missouri resident have heard the news, TomKat is no more. Katie Holmes divorcing her husband Tom Cruise. The media is ripe with speculation about a prenuptial agreement, reason for the divorce and why the divorce was filed anonymously and in a different state than the couple resided. Reports vary on how much Ms. Holmes is expected to earn from the prenuptial agreement, which has not been made public in its entirety, however this is sure to be one high-asset divorce case.

According to numerous reports, Tom Cruise made over $75 million last year and roughly $200 million during their five-year marriage. The couple’s assets include a house in Beverly Hills and another in Montecito, in addition to their individual multi-million dollar incomes. They also have a 6-year-old daughter together and Ms. Holmes is reportedly seeking sole custody of her and sufficient child support from her husband.

What is known about their prenuptial agreement, which was signed before their wedding ceremony in 2006, is that Ms. Holmes is entitled to $3 million for each year she was married to Mr. Cruise. That means she could net almost $18 million in the divorce settlement for the prenup alone. Add to that any child support and/or spousal maintenance he may be required to pay and the “palatial” Montecito home sources say she will receive and she will no doubt be set for life.

The couple lived in California, which is a community property state so everything that was earned during the marriage would be split evenly between the couple, including any debts they may have incurred while married. Apparently the prenuptial agreement signed in 2006 stipulates that unless the couple is married for 11 years or longer, community property laws will not apply in the event they divorce.

A prenuptial agreement does not address or relinquish child support obligations and since their daughter was born prior to their marriage, child support will more than likely be up for negotiation. Ms. Holmes is requesting primary residential custody and sole legal custody, according to reports. More than likely Mr. Cruise will attempt to fight that request as he shares custody with his other two children with previous wife, Nicole Kidman. This was the third marriage for Mr. Cruise and the first for Ms. Holmes.

Source: Reuters, “Tom Cruise and Katie Holmes Divorce: Who Will Get What?,” Deanne Katz, June, 29, 2012

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