Family law
Making financial arrangements for your child’s future
Tom Cruise’s daughter Suri is now benefiting from a trust fund and financial provision negotiated by her father and mother Katie Holmes on their divorce, showing how arrangements made years previously can support children in the long-term
When Tom Cruise and Katie Holmes divorced in 2012, their daughter Suri was only six years old. But despite her young age, Suri’s megastar father was keen to make provision to support her for the future, into her teenage years and beyond.
Cruise created a “substantial” trust fund for Suri, which she could access when she turned 18 – although she will have to wait until she is in her 30s to receive the full amount, according to reports.
Her father has also paid maintenance to his ex-wife throughout Suri’s childhood, and while that has stopped in its previous format due to Suri now being 19, Cruise continues to cover Suri’s health and dental costs, as well as paying for her $65,000 a year university tuition fees.
While Cruise and Holmes’ separation was acrimonious for a time, and it is thought Cruise has been estranged from Suri for much of her life after the divorce, arrangements the former couple put in place after their divorce have ensured their daughter has always been, and will always be, provided for.
Family lawyers at Slater and Gordon support separating couples to make provision for their children after divorce. A parenting plan can help cover all aspects of a child’s life, from custody arrangements through to who covers what financial costs.
Rebecca Cliff, an associate at Slater and Gordon, says: “It is good to hear that Tom Cruise and Katie Holmes have arrangements in place for their daughter Suri, with her father continuing to provide for her even past her 18th birthday. Making arrangements at the point of divorce can help to give certainty and clarity for the future.
“By agreeing a parenting plan, this can help to draw up final plans for children’s futures. It can help take away the worry of what may happen in the years ahead, and remove the unknown for parents and children alike. If agreement cannot be reached, then financial steps can be put in place to support the children anyway, but specialist support can help separating couples to make plans as amicably as possible.”
For support in making arrangements for your children after separation or divorce, family law specialists at Slater and Gordon can help. Call us on 0330 041 5869 or contact us online.
