How Allen Iverson’s Ex-Wife’s Gesture Allowed Him to Keep Half of $32 Million Trust Fund Despite Divorce Settlement

Former NBA star Allen Iverson’s ex-wife, Tawanna Turner, was entitled to his entire $32 million Reebok trust fund after he reportedly violated an unusual post-nuptial agreement the longtime 76ers guard made with his wife.

What Was in the Prenup

In 2010, Iverson reportedly signed a stringent post-nuptial agreement in an effort to salvage their marriage.

The terms were clear: no cheating, no abuse, mandatory marriage counseling, therapy for drinking and gambling issues, a gambling ban, curfews, and discussions on purchases over $5,000, according to Washington Post reporter Kent Babb’s book, “Not a Game: The Incredible Rise and Unthinkable Fall of Allen Iverson.” That agreement stipulated that Iverson’s failure to adhere to those terms meant he would forfeit his entire Reebok trust to his wife.

Iverson ultimately did fail to comply with those terms, and the couple divorced in 2013, when Tawanna could’ve been granted the entire $32 million trust fund, Complex reported.

Tawanna opted for him to keep half of the fund — a $16 million concession — despite Iverson’s bankruptcy filing in 2012, just two years after his final NBA season.

Iverson does not seem to have responded to allegations in the book. But what we do know is that Tawanna initially filed for divorce in March 2010. But she later withdrew the petition. Then in June 2011 she filed again, according to Huffington Post.

High school sweethearts who met at 16, they dated for 10 years before marrying. She cited physical abuse as one of the reasons for their separation in 2010.

The trust fund, part of Iverson’s lifetime endorsement deal with Reebok, remains inaccessible until he turns 55 in 2030.

Despite their rocky past, Iverson and Tawanna have mended their relationship.

At his Hall of Fame induction in 2016, Iverson publicly praised Tawanna as the “number one person in the world.”

At the peak of his career, Iverson had amassed a fortune of approximately $200 million from his NBA salary and endorsements.

However, his very public poor spending habits and financial management led to severe financial difficulties after retirement.

Iverson spent tens of thousands on fashion, jewelry, dinners, and nights out, supported an entourage of up to 50 people, and owned luxury cars like a Lamborghini Murcielago, Mercedes Maybach 57S, and Bentley Continental GT. He also reportedly spent $30,000 to $40,000 a night at strip clubs, according to fellow NBA player Matt Barnes.

When he filed for bankruptcy in 2012, he stated he had trouble paying off a debt of nearly $900,000 to a jeweler in Georgia, according to Clutch Points.

Things were also looking bad for Iverson during his divorce proceedings with Tawanna, as illustrated how during one meeting between the two he reportedly disclosed that he did not have enough money in his bank account to buy a cheeseburger.

Fast-forward to today, Iverson is doing much better since retiring from the NBA.

As Finurah previously reported, cheeseburger or not, Iverson earns $1 million yearly in dividends plus $800,000 annually over his lifetime with Reebok.

On Oct. 12, 2023, Reebok appointed Shaquille O’Neal as its chief of operations, with Iverson as vice president of the company’s revitalized basketball division.