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Huntington, WV 304-519-4354
New Albany, OH

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Financial conspiracy suit against Dwyane Wade dropped

| Jul 12, 2013 | High Asset Divorce |

The divorce between Dwyane Wade and Siohvaughn Funches-Wade has entered a new chapter. The previous chapter saw Funches-Wade filing a $1 million lawsuit against Wade, his agents and legal counsel, as well as several of Wade’s endorsers, including T-Mobile, Gatorade Corp. and Staples.

According to a complaint filed in Cook County District Court in Illinois, Wade and his ex-wife entered into an “Agreed Preliminary Injunction” (API) shortly after their divorce petition was filed in 2008. The agreement stated in pertinent part that all of Wade’s income from endorsement and marketing deals was to be deposited into a bank account the parties selected.

Funches-Wade then sent letters to all of Wade’s endorsement partners advising them of the agreement. However, she claims that Wade breached the agreement by failing to advise them of the direct deposit requirement. She also claims that Wade’s agents and attorneys conspired to limit the amount of money that was deposited in the account.

Indeed, parties divorcing in Ohio can make specific agreements about how joint income may be allocated (or collected) before a final order is issued. This helps in maintaining the status quo so that joint assets (such as a house or car) will not be lost for non-payment. It may also help in determining an official separation date, so that it would be easier to know what is considered marital property compared to separate property. However, divorcing parties may not be able to include third parties that are not bound by the proceedings.

As such, the conspiracy claims against Wade and the endorsement partners were dropped.

Source: Forbes.com, Dwyane Wade lawsuit proves that not even sponsors are safe from divorce court, July 11, 2013

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