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The "Legally Blonde" actress filed for divorce earlier this year, citing "irreconcilable differences" as a reason for the split. The couple had signed a prenup in 2011, which the couple mostly agreed to. In addition to settling property agreements, the two also had to work together to develop a custody plan to care for their son, who is still a minor. According to the details of their divorce agreement, they agree to joint custody. They will provide "a loving, stable, consistent and nurturing relationship with the child even though they are divorced."
Reese Witherspoon and Jim Toth Settle Their Divorce
According to the court documents obtained by The Blast, the former couple agrees to joint custody of their son and will not pay child support. The legal filing states that they "acknowledge and agree that neither party should otherwise pay monthly child support to the other parent, as the parties are sharing equal parenting time and dividing all expenses for the minor child equally (50/50)."
"Each parent is contributing equally to the payment of all expenses for the minor child, including childcare expenses, private school expenses, extracurricular expenses, and travel expenses," the documents state. "Further, each party has significant separate assets and more than sufficient means to independently care for the minor child while in his or her care."
Regarding the property, all household furniture, furnishings, appliances, art, and other personal items have already been divided to the "mutual satisfaction" of both parties. Each individual will keep their clothing, jewelry, and other unique things. They will keep their vehicles, hotel, airline, and credit card points.
Even though they are divorced, the two parents will continue to provide "a loving, stable, consistent and nurturing relationship with the child even though they are divorced." The court documents state that "The mother and father will behave with each other" and agree to "not speak badly of each other or the members of the family of the other parent." Additionally, according to the filing, they "will encourage each child to continue to love the other parent and be comfortable in both families."
The Couple Announced Their Decision To Divorce In March 2023
On March 24, 2023, they announced to the world that they were going their separate ways via an Instagram post that has since been deleted. The statement began, "We have some personal news to share... It is with a great deal of care and consideration that we have made the difficult decision to divorce. We have enjoyed so many wonderful years together and are moving forward with deep love, kindness, and mutual respect for everything we have created together."
"Our biggest priority is our son and our entire family as we navigate this next chapter," they added. "These matters are never easy and are extremely personal. We truly appreciate everyone's respect for our family's privacy at this time." Although many were surprised that the former couple was calling it quits only days before their 12th anniversary, a source told PEOPLE that the split was an "amicable decision."
"They really are the best of friends and this is an amicable decision. They are so committed to co-parenting together," an insider shared. "They are invested in their whole family and making this as smooth as possible for everyone."
Was Quibi The Reason For The Couple's Divorce After A Decade Of Marriage?
According to The Sun, Jim Toth was going through a "midlife crisis," which caused the couple to go their separate ways. "This process of uncoupling began in late 2021 when it became clear to everybody who knew both of them that they were itching for life apart from each other, even though they were both celebrating the massive success of the Hello Sunshine sale to Candle Media and the hundreds of millions of dollars they realized from the deal," an insider alleged.
"His personality, attitude, and whole take on life changed when he got out of the agency business and decided he was tired of that stuffy world and being in the service business in general," the insider added. "Call it a midlife crisis if you want, but that's when the tattoos, the chunky, weird jewelry, and dressing like somebody half his age took hold."
Radar Online blamed Toth's decision to join Quibi as the reason the couple ultimately decided to leave the relationship after over a decade. The outlet reported that Toth quit his job at CAA in 2019 to join the new start-up streaming platform, which ultimately folded after suffering financial setbacks.
The video streaming app collapsed six months after its launch, losing nearly $2 billion. An insider alleged, "Leaving his position at CAA to join Quibi was a huge gamble. At the time, Reese asked Jim if it was worth the risk, but he said he was up for the challenge and felt confident he'd bring home millions."
Although a previous source told People magazine that the split was "amicable," another source told the publication that "The Morning Show" actress is "obviously disappointed and upset" by the division. "She never saw herself getting another divorce," they said, adding, "They love Tennessee, and this is their focus. They will continue to co-parent amicably. There is no drama."