The Katie Holmes and Tom Holmes divorce was concluded on Monday (August 20, 2012) after a New York judge signed off the final papers, ending the couple's five year marriage. Holmes, 33, had filed for divorce from Cruise, 55, in June, citing "irreconcilable differences" for the separation.
The couple entered negotiations almost immediately after the announcement, the details of which have now been revealed by According to the entertainment website, Cruise will pay Holmes $400,000 per year in child support, while the actor will also pay for Suri's expenses, including medical treatment, insurance, education and any extracurricular costs she may require until her 18th birthday. Additionally, both parties have agreed that Suri will not attend a "residential [boarding] school", curtailing Holmes' reported fears that Scientology would play a key role in her daughter's upbringing. A source close to Cruise said he seemed pretty satisfied with the deal, telling E! News, "Tom is very happy and relieved that he is moving forward.His priority is being a good father and this settlement will make sure that continues."
The couple began dating in April 2005, with Cruise making a memorable appearance on the Oprah Winfrey show a month later, leaping up on the sofa to express his affection for the actress. They were married just over a year later, during a lavish ceremony in Italy.