Portrait of John K Grubb

Texas Divorce and Prenuptial Agreement

4550 Post Oak Place, Suite 201 • Houston, Texas 77027-3139

Phone: 713-877-8800 • Fax: 713-877-1229

Former NBA Star Iverson May Be Hiding Divorce Assets

Hiding assets before an impending divorce is never a good idea, particularly when you are a celebrity and major media outlets are reporting on your moves. This is reportedly what former NBA star Allen Iverson has been doing. Iverson’s wife Tawanna filed for divorce back in June. She claims that Iverson is worth $20 million, but Iverson has been trying to make it appear otherwise, according to her allegations.

Tawanna says that, as soon as she filed for divorce, Iverson stopped putting money in the couple’s joint bank account. He also reportedly made several large cash withdrawals, including one for $20,000 that he used to purchase diamond jewelry. Their joint account was $23,000 in the red according to Tawanna, and she has been unable to pay the family’s bills or provide for the couple’s five children.

As the divorce does not appear to be going smoothly at all, Tawanna and her children might face difficult times if Iverson is not willing to cooperate. She may have to wait until the court makes a ruling before she will know for sure how she is going to provide for herself and her children.

In the meantime, Iverson is not doing himself any favors with the court if he is in fact hiding money. Spouses rarely get away with these kinds of acts just before a divorce, and his divorce judge will not look favorably on these actions. Spouses should disclose all of their assets to the court when they divorce so that the sides can make accurate spousal support, child support and property settlement calculations. If one side hides and shuffles assets around to confuse matters, a judge could order retroactive payments with interest and could award attorney’s fees to the other spouse as a penalty.

Have you recently been through a difficult divorce? How did you and your attorney make sure that your spouse fully disclosed all of his or her assets?

John K. Grubb & Associates, P.C. – Houston divorce lawyers

No Comment

Comments are closed.