Katie Holmes appeared in high spirits as she was spotted for the first time since DailyMail.com reported that her daughter Suri Cruise’s Tom Cruise trust fund has officially been “activated.”
The Dawson’s Creek icon, 45, bundled up to brave the cold New York City weather on Thursday.
Dressed in a stylish shearling jacket over a pair of purple pants, Holmes kept a low profile in a black beanie and stylish designer sunglasses, blending effortlessly into the bustling streets of the Big Apple.
She carried an oversized cream leather clutch, pairing the look with knee-high black leather boots that gave it a casual-chic touch.
Just hours before her lively stroll through the city, a source confirmed to DailyMail that Suri, who turned 18 in April, can now access the sizable trust fund set up by her famous father.
“It’s part of the divorce agreement that Tom Cruise’s trust fund will be available for his daughter Suri when she turns 18, and it’s actually substantial,” a source revealed, referencing Katie and Tom’s 2012 split after six years of marriage.
Katie Holmes appeared in high spirits as she was spotted for the first time since DailyMail.com reported that her daughter Suri Cruise’s Tom Cruise trust fund has officially been “activated.”
Dressed in a stylish shearling jacket over a pair of purple pants, Holmes kept a low profile in a black beanie and stylish designer sunglasses, blending effortlessly into the bustling streets of the Big Apple.
“She was allowed access to it when she turned 18 in April,” the source continued.
‘The rest of the money will be available to her when she turns 30. The trust fund was carefully constructed so that she doesn’t receive all the money at once and feel overwhelmed.’
DailyMail.com has also learned that Katie has set up her own trust fund for Suri.
“Katie is fiscally minded and of course takes care of her daughter,” another source added.
“He wants her to be well cared for and have a great quality of life.”
In fact, divorce documents from 2012 reveal that the Top Gun star had made provisions for Suri through a trust fund that would be available to her once she reached adulthood.
When Tom and Katie separated in 2012, it was stipulated that Cruise had created a trust fund for Suri, which she could access partially at age 18 and in full when she turned 30.
Additionally, Cruise agreed to pay Katie Holmes $400,000 annually in child support (approximately $33,000 per month) until Suri turned 18. Those payments are believed to have already ceased.
Suri Cruise suddenly becomes a rich teenager. Katie Holmes’ 18-year-old daughter has made a huge amount of money, DailyMail.com has learned. This is because his father Tom Cruise’s trust fund ‘activated’ when he turned 18 on April 18.
Suri’s father, Tom Cruise, is funding her $65,000-a-year tuition as part of the terms set out in his 2012 divorce from Katie.
As part of the settlement, Cruise also agreed to cover all of Suri’s medical, dental, insurance, education and extracurricular costs.
As DailyMail.com reported earlier this year, Tom has continued to meet his financial commitments, covering Suri’s $65,000 annual tuition at Carnegie Mellon University.
A source previously told DailyMail.com: ‘Tom is actually paying for Suri’s tuition; He has always paid for his studies and would never stop doing so because he is a serious guy.
‘He has never hesitated to pay his daughter’s support and expenses. He doesn’t break his word. He is fulfilling his obligation.’
Tom also has two other children, Isabella and Connor, from his previous marriage to ex-wife Nicole Kidman.