Sylvester Stallone and Jennifer Flavin have been grabbing headlines following their separation after 25 years of marriage. In divorce papers accessed by Fox News, Flavin had accused the Rocky star of 'hiding assets' which had an 'adverse economic impact on the marital estate.' However, Stallone has denied any wrongdoing regarding their marital assets.
According to sources, just months after the couple celebrated their 25th wedding anniversary, Flavin filed for divorce on August 19 in Palm Beach County, Florida, where the ex-couple owns a $35 million waterfront property.
"The husband has not engaged in any conduct which constitutes intentional dissipation, depletion and/or waste of marital assets," wrote his attorney Jeffrey Fisher in court papers filed Monday. The declaration was made in response to Flavin's claim that she should receive a larger portion of their divorce settlement because, in her allegations, the "Rocky" actor engaged in various financial misdoings that diminished their combined wealth.
In the declaration, Stallone and Flavin concurred that their marriage is "irretrievably broken." He did not object to Flavin's desire to have her maiden name reinstated and asked that she cover her own legal bills.
From his movies, real estate dealings, and other ventures, the "Rambo" star is estimated to be worth $400 million.
Legal experts told that if there is no prenuptial agreement that specifies otherwise, Flavin is entitled to 50% of any profits accrued during their marriage under Florida law.
The Rocky actor denied his estranged wife's allegations that he "engaged in the intentional dissipation, depletion and/or waste of marital assets which has had an adverse economic impact on the marital estate." Stallone also didn't fight Flavin's petition to restore her maiden name, further agreeing that their marriage was "irretrievably broken."
"I love my family. We are amicably and privately addressing these personal issues," a rep for Stallone previously told Page Six in a statement on the actor's behalf.
Following their separation, Stallone maintained that he'll always love the 'amazing woman' Flavin. Talking to TMZ, he said, "We just went in different directions. I have the highest respect for Jennifer. I will always love her. She's an amazing woman. She's the nicest human being I've ever met."
When Flavin and Stallone got married in 1997, she was 29 and he was 51. Flavin was a former model from the San Fernando Valley in California. The couple share three daughters together. Days before the divorce petition appeared on the court docket, there were indications that their marriage was in trouble. Flavin was photographed leaving West Hollywood's Craig's without her wedding band.