Allen Iverson has had it rough these past few years. Aside from the massive personal issues, the basketball legend has already had his share of financial problems. So, it won’t come as a surprise that those dependent on Iverson will have to additionally deal with financial hardships. However, what is surprising is that Iverson’s wife who is currently filing for divorce claims that her husband is depleting their joint bank account for frivolous items like jewelry.
TMZ reports the following:
Allen Iverson’s divorce has taken a nasty turn — according to his estranged wife, the former NBA star went on a massive spending spree after she filed for divorce, leaving her completely penniless.
Tawanna just filed new docs in their bitter divorce battle — claiming ever since she filed for divorce in June, Allen stopped depositing money in their joint bank account … and then made several large cash withdrawals, including one for $20,000 … which he spent on diamond jewelry.
Tawanna claims the account was $23,000 in the red at the time she filed the court docs — and she’s been unable to pay the bills … or provide for their 5 kids.
According to Tawanna — who says she gave up her career to be a stay-at-home mom — Allen is worth over $20 million … and refuses to help her out simply out of spite.
Allen denies Tawanna’s allegations in the docs — and since they’re at a stalemate … the judge will have to play peacemaker. So far, no hearing date has been set.
This article represents a sad state of affairs. We’re sure Tawanna and Allen have their own set of issues, which we have zero interest in addressing. A few things do bring concern based on this article:
The 5 children: Remember those, Allen? While the money in the joint account may be currently abused by the ex-wfe-to-be, the fact remains that she is the primary caregiver of your five children. If money is being taken out for something as petty and useless as jewelry, we’re disappointed. First of all, with all the financial hardships you’re currently facing including an impending divorce, you don’t have the extra expenses to spend on more metal and diamonds. If this article proves to be true, we’ll be in utter disgust if you don’t prove that you’re assisting in the financial and parental responsibility of taking care of your kids. What your obligations will be towards your wife, the court can address those.
Net Worth: To have only listed Allen’s net worth as around $20 million is a troubling sign indeed. Once again, Allen isn’t even in official retirement yet. Once the checks completely cease, he’s going to be in epic trouble with his poor spending habits. The net worth probably includes homes, mortgages, cars, and other expenses. That probably leaves him with very little liquidated assets. Frankly speaking, it’s just “half-time”, and he’s got another half to go in life. Allen must have grossed over nine figures throughout his career. It’s painful to have seen him blow through over 80% of his earnings in such a little amount of time. There’s also five children that he’ll be responsible to financially support for decades to come. We can only hope that trusts and funds were put in place to secure the kids’ futures. They’re the least deserving of financially reckless parent(s).
So, it may sound crazy to say, but sometimes you can tell a lot about how a person will treat you based on how they treat their money. If a person is a slave to money, it shows where their priorities are. If they blow through money with no regard, if they always look to others to clean up their financial messes, it’s the sign to get far away from that person. If you’re lucky enough to see the warning signs at the onset of a relationship with a person, then you’ll save months, years, and decades worth of headache. Luckily Tawanna saw the light, but it took her many decades to see the writing on the wall. Hopefully, it’ll take our Minority Fortune readers a few days!
Enjoyed this article?