News of Tom Cruise and Katie Holmes' split has stunned Hollywood, and many are wondering what this means for Cruise's millions. The iconic actor, who's worth a whopping $250 million, will have to give over a hefty fortune should they proceed with a divorce. Back in 2006, the pair (known in the tabloids as TomKat) mapped out a prenuptial agreement that ensured Holmes would become a very rich women, even if the marriage ended.
The prenup states that Holmes is to receive $3 million dollars for each year of their marriage. Since the two were married for five years -- that means Holmes could walk away with an astounding $15 million. The agreement also grants the actress an extravagant home in Montecito, Calif. MSNBC first released the exact terms of their accord.
Their lawyers have come up with a contract that will give Holmes $3 million a year up to $33 million for each year that she is married to Cruise, as well as a palatial home in Montecito, Calif., according to Life & Style Weekly. If the marriage lasts longer than eleven years, the contract becomes void and California's community property law kicks in -- giving Holmes half of Cruise's rather sizeable fortune.
Interestingly enough, the actor divorced from his second wife, Nicole Kidman, a year prior the eleven-year mark, avoiding California's community property law.
Cruise and Holmes began their high-profile, whirlwind romance in 2005. The actor famously proclaimed his love by jumping up and down on Oprah while shouting, I'm in love. During an overseas promotional tour for his film, War of the Worlds, Cruise proposed to Holmes in the Eiffel tower. A few months later, the couple announced that they were expecting a child. The actress gave birth to their daughter, Suri, the following spring. The couple wed in a lavish Italian ceremony in November 2006.