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Holmes and Cruise reach settlement in high asset divorce

Divorce proceedings between Tom Cruise and Katie Holmes have come to a speedy conclusion. Less than two weeks after Holmes filed for divorce, the couple reached a settlement that surprised many with its quickness. This shows that even in complicated, high-asset divorces, a settlement can be reached if the couple is willing to work together to resolve their issues.

Boston celebrity-watchers might have been shocked by the suddenness of the divorce, as Cruise apparently was. The couple had been married since 2006, when they wed in a lavish and elaborate ceremony in Italy. The most noticeable detail about the settlement is its lack of details. Both sides are committed to keeping the terms of the settlement private. While some reports have come out claiming to be true representations of the divorce agreement, Holmes's lawyer dismissed them as inaccurate.

Although we are not privy to the finer points of the couple's settlement, it must have dealt with division of their property and assets. Cruise and Holmes own substantial property in New York, California and Colorado, including hundreds of acres of land in the affluent vacation town of Telluride. There has been a great deal of speculation on whether there was a prenuptial agreement between the two, but Cruise's lawyer said information on that front will come out in time. The other significant issue regards custody of the couple's 6-year-old daughter. Holmes and Cruise are also keeping mum on what arrangement they reached regarding custody.

In a high-asset divorce, property division can be particularly tricky as the distinction between marital property and other assets obtained prior to the marriage can be a point of contention.

Source: Reuters, "Tom Cruise, Katie Holmes wrap up speedy divorce," Tom Tourtellotte, July 9, 2012.

Source: Los Angeles Times, "Tom Cruise's divorce could get prickly as Katie Holmes lawyers up," Harriet Ryan and John Horn, June 29, 2012.

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