Georgia readers may be interested to learn that former NBA point guard -- and future Hall of Famer -- Allen Iverson has recently finalized his divorce, according to reports.
It is believed that Iverson agreed to pay his soon-to-be former spouse $3 million dollars in order to hold on to his Georgia mansion. He will also be liable for child support for his five children. Although the former NBA player may have gambling and spending debts, his reported earnings of $150 million during his NBA career should ease the transition into his new life after the divorce.
Although not ever divorcing couple has an estate comparable to Iverson's, the division of property in a divorce can quickly become a complicated affair, even for middle-class couples. For example, most property acquired after a marriage is generally presumed to be property of the marriage, and will consequently be subject to equitable division by the court in a divorce proceeding. However, disagreements may arise in determining the marital estate, at which time an experienced divorce attorney may prove invaluable.
Exceptions to the presumption of joint marital property may include property acquired by gift, legacy or descent; property excluded by a valid agreement of the parties, such as a prenuptial agreement; and, of course, property acquired before the marriage. These examples are generally considered non-marital property. Yet even these exceptions may have exceptions, such as property that benefitted or increased in value as a direct result of the marriage.
Unvested or future benefits may also qualify as property of the marital estate. According to a recent statement by a representative from the Social Security Administration's press office, a person can receive benefits from a divorced spouse's Social Security benefits -- provided certain conditions are met.
In the case of a younger divorcee not yet eligible for retirement benefits, but whose former (and older) spouse is receiving Social Security benefits, the younger spouse may still be able to collect on the former spouse's benefits. The SSA requires certain conditions in this scenario: the couple must have been married for at least 10 years; the beneficiary spouse must be at least 62 years of age; and the beneficiary spouse must be currently unmarried and not entitled to a higher benefit based on his or her own record.
If the providing spouse has died, the surviving spouse might still be eligible to receive benefits on the former spouse's record if he or she is at least 60 years old. That requirement is slightly lower -- 50 years old -- in the case of a disabled surviving spouse.
Source: newsone.com, "Allen Iverson's Messy Divorce Finally Comes To A Close," Ruth Manuel-Logan, Jan. 22, 2013