Two high-profile and high-asset divorce cases centrally featuring property division illustrate the various ways in which couples negotiate divorce settlements and reach solutions in their divorce agreements that allow for them to move forward.
One such divorce proceeding involves former professional basketball player Allen Iverson and his wife Tawanna, who just reached agreement on their divorce this past week by announcing a “buyout” days in advance of a slated court hearing.
Iverson has a strong Georgia nexus, with the couple having a residence — often described as a “mansion” – in the state. Pursuant to the terms of the buyout, Iverson gets to keep the home, provided past problems he has had with a bank lender can be put to rest.
The buyout further provides for a lump-sum payment of $3 million to Tawanna Iverson, along with child support for the couple’s five children and assured income relating to Iverson’s current endorsement deals and any future revenues.
English actor John Cleese of Monty Python fame divorced his former spouse in 2008, with their divorce settlement mandating that he pay her a whopping $13 million in assets, along with approximately $1 million yearly until 2016.
Cleese has been busily engaged in a number of diverse and even novel ways geared toward helping him meet his divorce-related obligations. One of them involved the raising of money through his comedy “Alimony Tour.” Following his split, Cleese also moved to Monaco, a tax haven for the wealthy, from where he could better maintain the cash flow required to make divorce payments. Currently Cleese is selling a number of TV and film artifacts to help finance his continuing obligations.
Source: News One, “Allen Iverson’s messy divorce finally comes to a close,” Ruth Manuel-Logan, Jan. 22, 2013
Huffington Post, “John Cleese, ‘Monty Python’ actor, selling TV and film memorabilia to defray divorce costs,” Jan. 22, 2012
- Our firm has a wealth of experience representing and promoting the best legal and financial interests of clients involved in divorces where property division is a central concern. For more information, please visit our Fulton County, Georgia, High-Asset Divorce page.