Cruise Control

Protect your assets like a celebrity!

While Canucks owner Francesco Aquilini was recently successful in shielding his financial divorce documents from prying eyes, the same can’t be said for the financial terms surrounding the quickie divorce of Tom Cruise and Katie Holmes.

According to oneUSmedia source, Katie walked away with no spousal support from Tom, or any share in Tom’s assets, certainly noteworthy considering he’s worth approximately 250 million US dollars.

All of which is not so surprising since the pair apparently inked an ironclad pre-nup, which no doubt specified no support or asset division in the event of divorce.

But before anyone sheds any tears for Katie, she will repeatedly be receiving child support payments of approximately $33,300.00 per month for their daughter Suri, until she turns 18 years of age.

Here in BC, the amount of child support is calculated by using the income of the paying spouse, and the Federal Child Support Guidelines.  I have no way of knowing how they calculated this amount for Tom.  (However, for those curious souls like me, if Tom was here working in BC and paying child support of $33,300.00 for 1 child, he would need to have an income of approximately $4,500,000.00).

However, just like here in BC, Tom is also responsible for additional expenses, such as Suri’s tuition, ($40,000.00 per year), medical expenses, etc.  In BC, Tom and Katie would share such expenses in proportion to their respective incomes, (and adjust annually), or they could simply agree to share them 50/50.

According to the sameUSsource, one of the divorce terms also specifies that Suri not attend any sort of “ residential school,” which has been interpreted by some as meaning a residential school associated with theschoolofScientology.  Not sure if that’s the correct interpretation, although I am fairly certain the exact nature of the “residential school” to be avoided, is clarified in the divorce settlement, otherwise Suri would have a difficult time eventually attending any long distance educational institutions, (such as college or university), and residing in residence.

For those of us non-celebrities contemplating a pre-nup, (also called a Marriage Agreement), it can be an extremely advantageous document to have in your pocket, (or purse), saving you legal costs, stress, and delay, in the event of a separation or divorce.

So take my advice, make like a celebrity, and get one!  Did I mention, I’m a family lawyer who prepares pre-nups and Marriage Agreements……?

P.S.  The family law regarding division of property, (and other matters), on separation are changing in March of 2013.  It’s a good time to review your options!