Tom Cruise has agreed to pay $400,000 every year as child support for Suri until she turns 18.
According to the divorce agreement, Katie Holmes will not get any lump sum payout as the Mission Impossible star’s wealth is protected by a strict prenuptial agreement.
The 50-year-old actor, who has an estimated $250 million fortune, has agreed to pay monthly installments of around $33,333.33 for his six-year-old daughter, plus her school and college fees, insurance and medical care, the Daily Express reported.
Experts said that Cruise is paying less than a court would have awarded if the divorce would have gone to trial.
The pair have also agreed that their daughter will not attend boarding school, a clear reference to concerns that she would be sent someplace that teaches Scientology.
Holmes has been granted sole custody of Suri, while Cruise has been granted visitation rights.
“The case has been settled and the agreement has been signed,” Holmes’ lawyer said.
“We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life,” the lawyer said.
Had the 6-year marriage lasted for 11 years, Holmes would have automatically received half of Cruise’s wealth.