After more than 25 years of marriage, Sylvester Stallone and his wife Jennifer Flavin are calling it quits. The couple doesn’t appear to have a prenuptial agreement, so what will happen to the $400 million amassed by Stallone? Will it be split 50-50 between the couple?
A 25-Year Marriage Comes to an End
Sylvester Stallone and Jennifer Flavin met more than thirty years ago. The two dated for a few years before finally tying the knot in 1997. The couple spent decades together, in which time they had three daughters (Scarlet, 20, Sistine, 24, and Sophia, 25) and accumulated millions of dollars in assets.
Stallone is expected to be worth roughly $400 million. The couple owns property in California and has a primary residence in Palm Beach, Florida. The 13,241 square-foot mansion is estimated to be worth $35 million.
The couple uses the Florida home as their primary residence, which is why Flavin, just a few months after the couple celebrated their 25th anniversary, filed for divorce in the state of Florida.
Related: How to File for Divorce in Florida
Stallone’s Wife Files for Divorce in Florida
No one knows exactly what led to the couple’s breakup. (The media has been playing up stories that they broke up over an argument about getting a dog, although Stallone told TMZ the story isn’t true.).
Court documents have offered some insight into the split and ideas about what might happen to Stallone’s $400 million fortune.
It doesn’t appear the couple had a prenuptial agreement. In Florida, a divorce with no prenuptial agreement goes through an equitable distribution of marital assets and liabilities. The equitable distribution of marital assets and liabilities is defined in Florida Statute 61.075.
Under this statute, assets and liability that are considered to be marital are split 50-50 between both parties. But, marital assets and liability are not always split exactly down the middle.
A judge may decide to split assets differently based on multiple factors such as:
- The length of the marriage
- The economic conditions of each spouse
- Each spouse’s contributions to the other’s education or career advancement
- Wrongful conduct during the marriage
- Waste or depletion of assets caused by one party
So, what factors might impact the 50-50 split of assets for Stallone and Flavin?
Related: 9 Questions to Ask a Divorce Attorney Before Hiring Them
Splitting $400 Million in Assets
It appears that the division of assets in Stallone and Flavin’s divorce may be more complex than a simple 50-50 split.
Flavin’s divorce filings indicate that she may want more than 50%.
Flavin filed court documents that allege that Stallone is hiding and wasting marital assets. Court documents say:
“Upon information and belief, the Husband has engaged in the intentional dissipation, depletion and/or waste of marital assets which has had an adverse economic impact on the marital estate.
Pursuant to Section 61.075, Florida Statues, equity dictates that the Wife be compensated and made whole by receiving an unequal distribution of the marital assets in her favor.
Moreover, the Husband should be enjoined from, selling, transferring, assigning, encumbering, or dissipating any assets during the pendency of proceedings.”
Flavin is asking for more than 50% because she believes Stallone has taken or used assets that belong to both of them. Her request is that she receive more in the divorce to make up for the lost assets.
Flavin also had a few other requests. She asked the judge to prohibit Stallone from moving assets from their shared marital accounts, and she requested exclusive use of the joint family home in Palm Beach, Florida. (According to Insider, Stallone has refused to vacate the home.)
Related: How Long Does It Take to Get a Divorce In Florida?
What Happens from Here?
Now that the divorce is in the legal system, one of the next steps will be gathering financial information and creating an official list of the couple’s marital liabilities and assets. Because the couple’s children are adults, there likely won’t be any litigation regarding child support or custody.
The couple can choose to go through divorce mediation to determine how they want to split up their assets, or they can let the court system decide it for them.
If the couple can’t agree on how to split assets, the judge can make a ruling — and the ruling may not split assets evenly at 50-50. For example, if the judge finds that Stallone engaged in the waste or depletion of assets, it may mean that Flavin could walk away with more than Stallone.
From here, we will wait and see if the couple decides to divide their assets on their own or require legal intervention.
Related: 6 Ways to Prepare for Divorce Mediation
Get Support for Your Florida Divorce
Going through a divorce and splitting up assets can be messy and complicated. If you are going through a divorce, make sure you have an attorney who can fight to get what is owed to you.
Talk to an experienced divorce attorney like TJ Grimaldi who knows what it takes to successfully guide a divorce through the legal process. Talk to TJ about your case today. Schedule your meeting or call 813-226-1023 now.
Leave a ReplyWant to join the discussion?
Feel free to contribute!