The Money Matters of the Divorce of Tom Cruise and Katie Holmes
Tom Cruise and Katie Holmes became a much-celebrated Hollywood couple when they first got together in 2005. The media fondly described their union as TomKat and many of their highlights were captured and chronicled culminating in the birth of their daughter Suri six years ago.
But as with many Hollywood couples, their marriage is now on the verge of ending after Katie Holmes recently filed a divorce case against Tom Cruise. While Holmes has not indicated specific reasons why she is calling it quits, money will definitely be at the center of discussions and negotiations.
Divorce Money and the Prenuptial Agreement
As of press time, the divorce between Katie Holmes and Tom Cruise are still in its early phases and both camps are trying to reach a settlement to avoid a lengthy court battle.
A key aspect of this issue is determining how much money Katie will stand to receive. Before their marriage in 2005, Katie and Tom signed a prenuptial agreement to prove that Holmes is not marrying Tom because of his enormous fortune but because of love and which protect their individual finances. Tom Cruise has a reported net worth of over $250 million while Katie Holmes has $25 million. The fortune of Katie Holmes is nothing to scoff at but it pales in comparison to the earnings of Tom Cruise who has starred in the 1986 film Top Gun and as secret agent Ethan Hawke in the movie franchise Mission: Impossible.
Initial reports have released a few details of this prenuptial agreement in 2005. Accordingly, Holmes is entitled $3 million for every year she remains married to Cruise. With their six-year marriage, this amount will balloon to $18 million. This comes from an unnamed source from TMZ. On the other hand, if Katie had remained married for eleven years, she would have been entitled to half of Tom’s $250 million net worth. But Katie remains adamant that she is not that type of woman to go for money.
But there is more here than meets the eye as far as the Katie-Tom split is concerned. Katie will reportedly get the couple’s mansion in Montecito, California as part of the prenuptial agreement. A huge Beverly Hills estate Cruise bought in 2007 may also be up for grabs.
Katie is seeking a more valuable deal though. She wants to have sole custody of their six-year old daughter Suri. Many critics and analysts have connected the divorce and sole custody chase of Holmes with Cruise’s high involvement in the mysterious church of Scientology.
Katie Holmes on Her Own
The net worth of Katie Holmes is estimated at $25 million. This is not a small amount by Hollywood standards. However, this is nothing compared to the net worth of Tom Cruise which is in the stratosphere of $250 million, ten times the net worth of Katie Holmes. Tom Cruise is such an influential celebrity that he was able to bring in $75 million last year for the movie Mission: Impossible – Ghost Protocol where also received movie credits as producer and studio executive.
Holmes is a star in her own right judging from her successful days as a teenage actress for Dawson’s Creek. And she could have earned more and worked her way through the A-List of Hollywood! Some critics have observed that her marriage with Tom Cruise may have negatively affected her career as well as her earning potential.
Katie Holmes finished six successful years as a mainstay of Dawson’s Creek until its end in 2003. Before meeting Tom Cruise, Katie Holmes concentrated on smaller films such as Pieces of April which earned $2.4 million and Thank You for Smoking which had revenues of $24.8 million. These may not be huge blockbusters but this established the acting pedigree of Katie Holmes, a skill she can turn to when she starts working again.
In Katie’s divorce filing, she is securing a “suitable amount” from Tom Cruise. This may mean enough cash to sustain her Hollywood standard of living of shopping and travel. In fact, Katie was last seen with Tom Cruise in Iceland with Suri while Tom is shooting a film during Father’s Day. It seems to be a given that her spending habits drastically changed when she married Tom Cruise.