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Allen Iverson and his wife settle their high asset divorce

Maryland residents who follow the NBA may be familiar with former Philadelphia 76ers player Allen Iverson, who had an illustrious basketball career in the sport. Recently, the former basketball star is reported to have reached a settlement regarding asset division and child support with his soon-to-be ex-wife in a contentious high asset divorce.

The couple had been married for eleven years and had five children together. Iverson's wife accused him of marital infidelity and of squandering assets. In fact, the well-paid superstar filed financial documents in December 2012 that appeared to show he was in deep financial trouble, spending far more each month than he was taking in.

According to the reports, the couple has now reached a settlement where Iverson will give his ex-wife a $3 million dollar lump-sum up front. He will also be giving her an undisclosed amount of child support each month and a portion of the future earnings of his commercial endorsements with Reebok.

It appears from reports that neither a pre-nuptial agreement nor a post-nuptial agreement was ever entered into between the parties. This clearly would have saved both parties a good deal of litigation expenses and the emotional turmoil that can accompany a rancorous divorce. These agreements address the future division of assets, spousal support and division of property in the event of a divorce. Although it is difficult to contemplate a divorce when one is about to be married, or when one is already happily married, marital agreements can save both parties a good deal of emotional stress and expense should a marriage not last.

Many factors need to be taken into account when dealing with a high income earner in a high asset divorce. That is why it is essential to seek assistance from an experienced family law attorney in order to obtain the best possible outcome.

Source: Huffington Post, "Allen Iverson Divorce: Former NBA Player And Tawanna Iverson Reach Settlement (REPORT)," Jan. 22, 2013

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