Eric McCormack, the Emmy-winning actor best known for his role as Will Truman on the hit sitcom Will & Grace, has finalized a divorce settlement with his ex-wife of 26 years, Janet Holden, that includes significant financial concessions on his part. According to an exclusive report from Us Weekly, the agreement, submitted to the court on January 5, ensures Holden receives $10,000 per month in spousal support and a substantial share of residuals from McCormack's past television and entertainment projects. The settlement comes after Holden filed for divorce in November 2023, citing irreconcilable differences, and marks the end of a high-profile union that began on the set of a Western miniseries nearly three decades ago.
The couple's divorce proceedings moved forward despite a brief public appearance together that sparked reconciliation rumors. In March, McCormack and Holden attended the Elton John AIDS Foundation's 2024 Oscars viewing party in Los Angeles, where they were photographed smiling side by side. However, just days later, they continued with the legal process, submitting the detailed settlement that divides their assets and outlines ongoing support obligations. McCormack responded to the initial filing in January 2024, agreeing that the marriage had irretrievably broken down.
Under the terms of the agreement, Holden will receive half of the profits from what the documents describe as "community property work," a category that encompasses a wide array of McCormack's professional endeavors during their marriage. This includes residuals from the iconic revival and original run of Will & Grace, as well as projects like Lego Masters, his podcast "Just Jack and Will," Murdoch Mysteries, Atypical, Travelers, American Dad!, Law & Order: SVU, Dead Like Me, and various other acting credits. Notably, Holden will not receive residuals from McCormack's post-separation work, such as his role in the CBS series Elsbeth, which he retains full rights to.
The financial arrangement is based on the couple's respective incomes, with Holden's estimated monthly earnings at $22,000 compared to McCormack's $93,000, according to the settlement details reported by Us Weekly. The $10,000 monthly spousal support payments are set to continue until June 1, 2035, at which point McCormack may seek to modify the amount if circumstances change. In addition to these payments, Holden will retain several bank accounts, a portion of McCormack's retirement plans, and half of their accumulated airline miles.
Property division forms a major component of the settlement, reflecting the couple's comfortable lifestyle built over decades in the entertainment industry. Holden walks away with a home in Los Angeles, two condominiums, and a collection of vehicles including a 2018 Audi Q7, a 2000 Jeep Cherokee, a 1972 Ford pickup truck, a 2005 Ford Escape, and a trailer. The agreement also grants her the right to use the couple's shared home in Vancouver, Canada, for the next five years. Furthermore, Holden keeps "all assets and investments acquired by [her] after the Date of Separation, and the rents, issue, profits and income from same," as stated in the documents.
McCormack, on the other hand, retains ownership of another home in Los Angeles, two Vespas, and full rights to three of his entertainment companies. The actor, whose career spans from Broadway to television stardom, has not commented publicly on the divorce since the split was announced. Holden, who worked as an assistant director on projects like the 1994 miniseries Lonesome Dove: The Series, where she first met McCormack, has similarly remained silent.
The couple's relationship began in a serendipitous fashion on the Vancouver set of Lonesome Dove, where McCormack starred as a cowboy and Holden served behind the scenes. They kept their budding romance under wraps from cast and crew for months before going public at the season one wrap party in December 1994. Reflecting on that moment in an April 2020 Instagram post, McCormack shared a photo from the event and wrote,
"This is the first shot Janet & I took at the #LonesomeDove Season 1 Wrap Party, circa Dec ’94. Just so happens this was our ‘coming out’ party. No one on the show knew we’d been dating for months.🤯."The post highlighted the early days of their partnership, which would lead to marriage and the birth of their son, Finn, now 23.
Both McCormack and Holden have committed to continuing their support for Finn, agreeing in the settlement to help cover his expenses as he navigates young adulthood. The document specifies that they will "both continue to support their 23-year-old son, Finn, and help pay for his expenses," underscoring a cooperative approach to co-parenting despite the dissolution of their marriage.
The timing of the settlement submission on January 5 aligns with a period of relative quiet in the couple's public lives, following the buzz from their Oscars party appearance. That event, held at a private venue in Los Angeles, drew attention from entertainment outlets, with some speculating about a possible thaw in relations. Yet, the swift progression to finalizing the divorce suggests the joint outing was more a matter of civility than a sign of reunion.
McCormack's career highlights, many of which are now partially shared with his ex-wife, include his breakout role on Will & Grace from 1998 to 2006, followed by the revival from 2017 to 2020. The show's enduring popularity continues to generate residuals, a revenue stream that Holden will now benefit from equally. Other projects like the sci-fi series Travelers and the animated American Dad! add to the portfolio of community property, illustrating the breadth of McCormack's work during the marriage.
Holden's professional background in television production provided a natural meeting ground for the couple, and her role as an assistant director on Lonesome Dove was just one chapter in a career that supported their family life. While the settlement does not detail her current employment, the income disparity noted in the agreement—her $22,000 monthly versus his $93,000—highlights the financial dynamics that likely influenced the support terms.
As the dust settles on this chapter, the agreement's long-term spousal support until 2035 indicates a recognition of Holden's contributions to the marriage and family, potentially allowing her to maintain a stable lifestyle. McCormack, meanwhile, can focus on upcoming projects like Elsbeth, free from shared residuals on new work. The Vancouver property arrangement offers Holden a foothold in Canada, where much of their early life together unfolded.
Divorces in Hollywood often reveal the intricate financial webs tied to fame, and the McCormack-Holden settlement is no exception. With assets spanning multiple states and countries, vehicles from classic to modern, and intellectual property from blockbuster shows, it paints a picture of a partnership that was as professionally intertwined as it was personal. Neither party has indicated plans to speak further on the matter, leaving the exclusive details from Us Weekly as the primary window into their post-marriage arrangements.
Looking ahead, the couple's commitment to their son Finn remains a positive note amid the division. At 23, Finn is at a stage where parental support can ease transitions into independence, and the agreement's provisions aim to facilitate that. For McCormack, the settlement closes a significant era, allowing him to channel energies into his ongoing career in an industry known for its volatility.
In the broader context of celebrity divorces, this one echoes others in the entertainment world, such as those involving Tori Spelling and Dean McDermott, or Jesse Williams and his ex-wife, where financial disclosures and asset splits dominate headlines. Yet, the McCormack-Holden case stands out for its emphasis on shared creative legacies, ensuring that the profits from Will & Grace—a cultural touchstone—will continue to support both former spouses well into the future.