Can The Court Stop You From Spending Your Own Money Or Taking Out Loans During A Divorce?
Did you know that Sylvester Stallone earns $1 million per episode of Tulsa King, a series that has yet to debut? When you consider that Stallone is 76 years old, it raises several questions related to various aspects of the law. An estate planning lawyer would likely use Stallone’s example to show how people who truly love their work are in no hurry to retire, no matter how much they can afford to. Family law attorneys would probably wonder how the family law court would go about dividing all those millions. If his estranged wife has her way, she will receive more than half of the marital estate, according to a divorce petition filed in Palm Beach County earlier this month. She also wants to limit what Stallone can do during the marital assets while the case is pending; she alleges that he intentionally dissipated marital funds during the marriage and wants the court to stop him from dissipating more of them. It is an example of how messy high net worth divorce can be. If you are wealthy now but worried that your estranged spouse will impoverish you by the time your divorce becomes final, contact a Boca Raton divorce lawyer.
Did a Pampered Pooch Ruin Sylvester Stallone’s Marriage?
If you were looking for a pandemic crash pad, you could do worse than the Palm Beach mansion that Sylvester Stallone and his wife Jennifer Flavin bought to share with their three young adult daughters. During the pandemic, Stallone sold the family’s previous residence, a Beverly Hills mansion, to the British singer Adele. Stallone had originally ended up listing the house for $80 million, but by the time the sale closed, Adele paid only $59 million, so Stallone had discounted its price by $80 million.
The tabloids are full of speculations, but no one knows the real reason that Flavin filed for divorce from Stallone in August 2022. Some journalists allege that it was because Stallone bought a Rottweiler puppy named Dwight. In any case, Flavin cites Stallone’s intentional dissipation and waste of marital assets as a reason for their estrangement. She has asked the court to prohibit Stallone from selling marital assets or pledging them as collateral for loans during the pendency on the divorce. She has also cited his alleged waste of marital assets as a reason why she wants the court to divide the marital property unequally, assigning more than half of it to her. Even if the court were to leave Flavin with only her own earnings, she would not be impoverished, as she owns a $2 billion skin care products company.
Contact Schwartz | White About High Net Worth Divorce
A South Florida family law attorney can help you if you and your spouse own valuable assets, but your disagreements on how to spend your money have reached the point where you have decided to divorce. Contact Schwartz | White in Boca Raton, Florida about your case.