In Cincinnati, celebrity news watchers may still be shocked by the record-time divorce settlement of Tom Cruise and Katie Holmes. After Holmes initially filed for their high asset divorce, it took the couple two weeks to come to a full agreement including child custody and support. The divorce was finalized earlier this month, and the details have now become public.

According to the settlement, Holmes will be receiving approximately $400,000 a year in child support for the next twelve years. In addition, Cruise will cover the costs of any health, dental, or school tuition expenses their daughter will incur. It appears that Holmes will be the primary caretaker of the couple's daughter, but Cruise still maintains parenting rights.

The settlement also includes stipulations in regard to the most debated part of the couple's split and custody arrangement, Cruises' involvement in Scientology. For example, their daughter is prohibited from attending any sort of "residential" school, including those affiliated with Scientology. Cruise was allegedly looking into one of these schools for their daughter to attend.

Now, Holmes has set up in a luxury apartment near a private school that their daughter will attend. The couple states they are committed to working together as parents to uphold their daughter's best interest through and past their high asset divorce, and will continue to respect each other's values and beliefs as they continue to raise their daughter. For many Cincinnati parents, such a quick and painless divorce and custody process might be one to strive for, and can do a lot to reduce stress between parents during and after the split.

Source: The Huffington Post, "Katie Holmes, Tom Cruise Settlement: Actress To Receive Just $400,000 Per Year," Aug. 24, 2012