They have a prenup, but prenups don't always hold up in court. Katie is likely to seek a larger share of their assets, especially if she's the one taking their daughter.
Orlando, FL (PRWEB) July 02, 2012
In the wake of the news that actors Tom Cruise and Katie Holmes will be divorcing, fans around the nation are speculating on the causes of the breakup. But Orlando divorce lawyer James Phillips says the aftermath is more likely to seize headlines than the causes – and he predicts it will be an ugly divorce.
News of Cruise and Holmes' divorce leaked Friday. According to People Magazine, Katie was the one to file the papers on grounds of “irreconcilable differences.” The couple have been married five years and have one daughter, Suri, age 6.
Phillips, cofounder of the Katz Phillips law firm, has worked with hundreds of clients going through divorces, including amicable and hotly contested cases. He says he identifies five factors that can lead to a particularly drawn out and unfriendly divorce: a high net worth of the parties, one party being a member of the military, disagreement over child custody, disagreement over how to split up assets, or situations where the two parties can't agree on what the key issues of the divorce are. Phillips believes that two of those factors, a high net worth and a child custody disagreement, are present in the Cruise/Holmes divorce.
“According to news reports, Katie wants sole legal custody of their daughter,” said Phillips, referring to a statement by Holmes' attorney Jonathon Wolfe. “That's very likely to go undisputed. Parents become fiercely protective of their children once they split up.”
Phillips also believes their wealth is likely to complicate the divorce. “They have a prenup, but prenups don't always hold up in court. Katie is likely to seek a larger share of their assets, especially if she's the one taking their daughter.”
Cruise's publicist commented that the Top Gun and Mission Impossible star is “deeply saddened” but did not state whether he intends to fight Katie for custody. The couple's combined net worth is estimated at US $275 million.
About James Phillips
James D. Phillips is a founding partner in Katz & Phillips, PA where he continues to use his trail experience to bear on contested divorce cases. Phillips’ family law career began prior to graduating from law school when he was a certified legal intern working in Mississippi’s Youth Court representing neglected and abused children. After working as an Assistant State Attorney for a couple of years, Phillips returned to the family law practice. He utilizes his trial experience he gained as a prosecutor to fight for his clients. He can be reached at 321-332-6864.