Iverson for 3. . . Million!
Reports indicate that former NBA star Allen Iverson settled his divorce battle by paying his estranged wife Tawanna Turner $3 million! This settlement comes after a year-long battle between the former flames, including allegations of infidelity, money sheltering and petitions for restraining orders.
The duo informed the judge just 2 days before Trial, that they had reached a settlement outside of court.
As part of the deal, Iverson is to pay Turner the full amount as a lump sum. He has also agreed to hand over various assets and a percentage of his future Reebok endorsement deal. Iverson will also be paying child support to Turner for the pair's five children.
So why did the pair settle out of Court?
Most likely the pair exchanged Offers to Settle prior to attending trial. This can be done at any point during the progression of a family law matter. Basically, an Offer to Settle is a document that sets out a proposed resolution for some or all of the issues within the matter. Offers to Settle are covered by a type of privilege called "Settlement Privilege." This means that the details within the Offers will not be discussed in Court.
A party can either accept an Offer to Settle or continue to proceed with their matter. In Iverson's case, his offer must have been acceptable to Turner, therefore their matter was settled and their case is now finished. If, on the other hand, a party continues to proceed to court, the judge will review the parties' Offer(s) to Settle at the end of a motion or a trial, as this will determine which party will be awarded costs - if any.
In the simplest explanation, if for example Turner rejected Iverson's Offer to Settle, and his Offer to Settle would have put her in a position that is equivalent to or better than the decision at Trial, then Turner may have been forced to pay all of Iverson's legal fees.
This is a simple and basic example; there are many additional steps involved in order to obtain this type of result.
For more information on Offers to Settle or any other issues, please visit our website.