Rhode Island residents probably know about the divorce and quick settlement between former celebrity couple Katie Holmes and Tom Cruise. They may not know, however, that the recently released official court documents have revealed the particular terms of the child support payment arrangements. Holmes has primary physical custody of their 6-year-old daughter, and Cruise is required to pay child support. According to the terms of the divorce settlement, the leading man and action star will be required to pay $400,000 per year in child support.
Cruise is also required to pay for a variety of important costs, including those for medical check-ups and treatment, visits to the dentist's office, fees for camp and other activities, insurance and his daughter's education. The support payments will come to an end when the girl turns 18. Over the course of the next 12 years, the child support payments will have a total value of $4.8 million.
Child support amounts are calculated based on several factors, including the income of the parents, the financial needs of the child and the child's lifestyle prior to the divorce. Surely the family's Hollywood lifestyle influenced the amount of money Cruise is to provide in child support. It has also been reported that Cruise has established a large trust fund for the young girl. She cannot access that money, however, until she turns 18.
The judge has threatened that Cruise will go to jail if he fails to pay, but the payments will likely be easy for the top Hollywood actor to make. Parents who fail to make their child support obligations may face jail time, fines, wage garnishment, loss of professional or driver's licenses or a variety of other penalties.
Source: Hollywood Life, "Tom Cruise Pays Just $400,000 A Year In Child Support For Suri Cruise," Christina Stiehl, Oct. 3, 2012