In late June, we wrote about the divorce between Katie Holmes and Tom Cruise. The pair called it quits after five years together. They were married in 2006 at a castle in Italy.

The couple’s divorce took less than two weeks to settle, but was just recently finalized. We are now learning more about the divorce settlement, including the child support payments Cruise will be required to pay.

Although Katie Holmes will not be getting any of the actor’s $250 million fortune, as outlined in the couple’s prenuptial agreement, Cruise will be paying Holmes $400,000 each year in child support for the couple’s 6-year-old daughter, Suri. Cruise will be required to make the payments for the next 12 years, totaling $4.8 million. He will also be required to pay his daughter’s medical expenses as well as pay for her education and extracurricular activities.

Child support is often a critical part of a divorce. In many cases, child support is necessary so that custodial parents can provide their children with basic necessities.

In Alabama, child support is calculated by looking at both parents’ income as well as the cost of insurance and child care. Alabama courts also consider what costs are necessary to raise a child.

Sorting through issues in a divorce that involve children can be difficult. It is for that reason why it is often best to work with an experienced attorney. Attorneys on both sides will work with parents to come to an agreement that is fair and equitable for everyone involved.

Source: Reuters, “Suri cruises to millions in “TomKat” divorce: report,” Zorianna Kit, Aug. 24, 2012