Georgia residents may notice the number of articles that cover a high net worth divorce. These tend to be newsworthy and often involve a celebrity or other person of interest. Recently the high net worth divorce of NBA star Dwayne Wade has been making headlines nationwide.
While Wade and his now ex-wife, Siohvaughn Funches-Wade, have been through a six year divorce battle, it has been reported that she will receive a $5 million settlement. Funches-Wade will also maintain the former marital mansion and four vehicles. While the two have publicly disagreed on what has been paid, reportedly Mr. Wade has tried for several years to settle even paying attorney’s fees for Funches-Wade’s 16 different attorneys. He also claims he has paid $25,000 monthly and maintained several living expenses throughout the time period including security and maintenance for her home.
Custody of the couple’s two sons was awarded to Wade in 2011. It was not noted if Funches-Wade received any type of visitation. A ‘non-disparage’ agreement was also put into place by the judge. This is designed to protect not only the sons from the two making negative comments, but also protects Wade’s family members and his girlfriend.
Any Georgia couple going through a high net worth divorce may find it beneficial to have an understanding of their rights and take a proactive approach. By knowing what a person is entitled to it can help keep the process as smooth as possible. At a time when emotions can be heightened, having an understanding of the laws can be helpful to keep a person’s expectations realistic.
Source: cbssports.com, “Dwyane Wade to pay ex-wife $5 million in divorce settlement,” Royce Young, July 23, 2013