Dennis Quaid and his ex-wife, Kimberly Buffington, have settled their dispute over child support over their 13-year old twins, Thomas and Zoe, and Dennis officially has nearly 50% custodial timeshare of his twins.
In new legal documents, obtained by The Blast, Dennis and Kimberly have agreed to modify child support and attorney fees and costs. In the document, Dennis, who will be starring as Ronald Reagan in an upcoming biopic, shall pay Kimberly $13,750 per month as a base child support payment. In addition to the base child support, if Dennis’ annual income for the year exceeds $1,314,000, then Dennis shall pay an additional annual child support payment to his ex.
In addition, Dennis will also have to pay Kimberly $68,000 on December 12, 2020, $69,000 on or before Jan 26, 2021, and $69,000 on or before March 12, 2021 to make up for past payments owed and bring a final resolution to the legal battle.
The former couple also agreed that child support payments, up to $200,000 will be paid directly to Kimberly, while the remaining funds will be put in a trust with special rules attached.
According to the documents, all withdrawals from the trust shall require the signatures of both parents, the funds shall be used for Thomas and Zoe’s private school tuition through the end of high school and any expenses which are mutually agreed-upon by each parent must be in writing. The trust funds will also be used for medical expenses, and eventually college tuition.
As we previously reported, Dennis previously asked a judge to modify the child support he was paying to Kimberly because he said he had his twins 50% of the time and claims he was paying for all of their expenses.
After signing the new stipulation, Dennis and Kimberly have both agreed to dismiss their current requests with the court, and if a dispute arises in the future, they have agreed to appoint a private judge to deal with the matter.
Dennis and Kimberly have been through a lot as parents to twins Thomas and Zoe. In 2007, Quaid’s family made headlines just days after the twins were born because the twins developed staph infections and were admitted to the hospital. They were accidentally given lethal doses of Heparin and almost died. The Quaids sued the hospital and the company Baxter Healthcare, claiming the packaging on the medication made it too easy for the mistake to be made over the dosage in question.
Dennis Quaid is currently in his fourth marriage to Laura Savoie. They got married on June 2nd in Santa Barbara.