Part Three of a blogging series covering the Cruise and Holmes divorce.

Statements issued by Tom Cruise and Katie Holmes confirm that they have settled their divorce amicably. Cruise and Holmes had a prenup, which allegedly provided that Holmes could be awarded up to $3 million for each year of marriage. The prenup was not all-inclusive of their rights and obligations, however, as it likely did not account for their daughter, Suri. What does a divorce settlement entail?

Through a marital settlement agreement (MSA), parties seeking a legal separation, dissolution or judgment of nullity attempt to resolve their contested disputes and claims. An MSA typically addresses the characterization of assets, payment of child support and spousal support, child custody and visitation, attorney fees and costs, and other rights and obligations.  Usually, an MSA is incorporated into a judgment of dissolution, and the rights and obligations of the ex-spouses are governed by the terms of the final judgment.

Mediation is an efficient, collaborative, and amicable way to create an MSA. Managing Partner Michael E. Lonich is a highly experienced litigator who specializes in mediating divorces and complex family issues. Spouses can utilize mediation whether represented by an attorney or not, and it can be a cost and time effective alternative to advocate based litigation. By amicably and collaboratively reaching a divorce settlement, Cruise and Holmes were able to determine their rights and obligations without excessive court intervention.

If you find yourself on either side of a divorce or are interested in our mediation services, contact the Family Law group at Lonich & Patton for further information. Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results.  While this post may detail general legal issues, it is not legal advice.  Use of this site does not create an attorney-client relationship.