NBA star and ex-wife reach divorce agreement in Chicago

On behalf of The Walters Law Group, Ltd. posted in Divorce on Monday, July 29, 2013.

An NBA star and his estranged wife took their contentious divorce to Illinois courts. Their divorce reached a settlement after six years of negotiations between the ex-spouses and their attorneys. The settlement, which has a non-disparage agreement, requires the Miami Heat’s Dwayne Wade to pay $5 million to his former wife, who has contentious statements about the level of support that she has received from Wade. Wade’s attorney noted that Illinois courts dismissed a lawsuit from the ex-wife that he failed to pay income from endorsements as part of a 2008 agreement.

This high-profile divorce has appeared in the news not only because of the money involved, but also because of custody issues. During the divorce, Wade won full custody of their two sons. Although most divorces do not play out on such a high-profile stage, the contentiousness of this one indicates the need for prenuptial agreements prior to a marriage.

Although prenuptial agreements may not make all divorce issues easy, they do have the potential to make property division and post-divorce income distribution easier. Prenuptial agreements are particularly important in marriages where high incomes are involved or where one spouse expects to eventually inherit a lot of money.

Wade’s case also illustrates the need to have a competent attorney familiar with Illinois divorce and child custody laws handle proceedings. A lawyer may be able to provide advise on the most practical course of action that will not only benefit both ex-spouses, but also keep the best interests of children in mind.

Source: Gant Daily, “Heat star Dwayne Wade, ex-wife reach divorce settlement”, Fitzgerald Cecillo, July 23, 2013