The division of marital property is often the most contentious issue in a divorce, especially one that involves valuable assets. Property division in a high-asset divorce also tends to be time-consuming due to the practice of hiding assets. Readers in Wyomissing will be interested to learn about the divorce involving Allen Iverson, former NBA star for the Philadelphia 76ers.
Iverson and his estranged wife have made an out-of-court settlement in their ongoing divorce, according to court records. The settlement was made shortly before the case was to go to trial.
Sources close to the couple report that the deal primarily involves Iverson paying his wife $3 million as a lump sum. Iverson will also give her additional assets, which may include a percentage of an endorsement deal with Reebok. He will also provide child support payments for the couple's five children.
Iverson will keep the couple's mansion in Georgia, which is going through foreclosure. He will also retain other personal belongings such as his Maybach luxury car. This divorce settlement marks the end of a year-long divorce proceeding which included charges of hiding assets and infidelity.
Persons in the midst of a divorce may feel that working with a spouse is impossible, but mediation is often the best way to achieve favorable results. It is important to view small steps forward as significant progress in a divorce. An experienced family law attorney can help keep things moving forward.
Source: TMZ, "Allen Iverson Coughs Up $3 MILLION in Nasty Divorce Battle," Jan. 20, 2013