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Dwyane Wade’s ex drops financial conspiracy suit

On Behalf of | Jul 12, 2013 | Uncategorized

The latest round of legal quibbling between Dwyane and Siohvaughn Wade has ended in a voluntary dismissal, according to the Chicago Tribune. The ex-wife of the Miami Heat guard had filed suit claiming that in 2008 (after Dwyane Wade filed for divorce) the parties agreed to place proceeds received from his endorsements into a mutually selected account.

Siohvaughn claimed that Dwyane either refused to segregate these funds or failed to advise his financial team to do so. She also claimed that his agents and attorneys decided when and how much to deposit the money, thereby depriving her of her rightful share of the proceeds.

The suit seeks $1 million in damages, and continues the five-and-a-half year legal battle between the ex-spouses that has included accusations of child neglect, defamation and countless claims of emotional distress.

During the preliminary stages of divorce, parties are generally prohibited from disposing of joint assets. This may include income deemed to be marital property. They may also enter into agreements (or be ordered by the court) to maintain the integrity of mutual accounts. It is unclear whether the agreement the Wades entered into was reduced to court order.

Such agreements may also be helpful in determining an official separation date, a date where each party’s income can be deemed separate property.

It is unclear whether the parties reached a settlement, but the Tribune reports that the court had dismissed the claim.

In the meantime, the legal wrangling will continue in September when Wade’s ex faces criminal charges for allegedly kidnapping the children and obstructing justice stemming from a visit last summer.

Source: ChicagoTribune.com, Dwyane Wade’s ex-wife drops suit, July 11, 2013

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