As far as NBA divorces go this one had everything from hidden assets, to accusations of infidelity and theft and of course, money. Many Chicagoans may remember when the divorce between Allen Iverson and his wife Tawanna was first announced over a year ago. They have finally reached an agreement on the terms of their high net-worth divorce. Mrs. Iverson will receive $3 million and child support payments for the couple’s five children.
The amount of the child support payments was not disclosed, however considering there are five children and he is a former NBA player who is said to have earned more than $150 million during his career, the figure is likely to be considerable. Mr. Iverson has also pledged to pay her a portion of any money he earns in the future. In return, the famous point guard gets to keep his Maybach automobile as well as the Georgian Mansion the couple owned.
The Iverson’s married in 2001 and were together for 11 years before they announced their split. Following that announcement were accusations of infidelity, on whose part was not disclosed, as well as petitions for restraining orders. The divorce appeared to have all the drama of a Hollywood movie. There were even accusations of money or assets being hidden and the scorned soon-to-be ex-wife was accused of ransacking the couple’s home while her husband was travelling.
Mr. Iverson petitioned the court to have the stolen items, which included art, memorabilia, furniture and a bundle of cash returned and his wife thrown in jail. According to reports, the future NBA Hall of Fame member is deeply in debt over his alleged gambling and spending habits and at one point the Georgia mansion was rescued from foreclosure after Iverson sued the mortgage lender buying more time to try and save his home. Now with the divorce agreement in place, it would appear most of his troubles may be behind him.
Source: News One, “Allen Iverson’s Messy Divorce Finally Comes To A Close,” Ruth Manuel-Logan, Jan. 22, 2013
Our Chicago, Illinois, law firm handles complex, high-net worth divorce cases, including those involving child custody, child support and hidden assets requiring forensic accountants in order to ensure an equitable division of property.