In Jennifer Flavin's Aug. 19 petition for divorce from her husband of 25 years Sylvester Stallone, she alleges the 76-year-old Rocky actor "has engaged in the intentional dissipation, depletion and/or waste of marital assets which has had an adverse economic impact on the marital estate."

Under Florida divorce law the allegation relates to excessive spending or borrowing by a spouse. Flavin requests in the documents that "the Husband should be enjoined from, selling, transferring, assigning, encumbering, or dissipating any assets during the pendency of these proceedings." Because of Stallone's alleged "waste," she is also asking for "unequal distribution of the marital assets in her favour."

A rep for Stallone has not responded to a request for comment on Flavin's claims. Stallone said in a statement on Wednesday: "I love my family. We are amicably and privately addressing these personal issues."

The couple have a fortune worth hundreds of million dollars by some estimates — including some high-priced real estate. In 2020, the Stallones purchased a $35 million mansion in Palm Beach, Florida, which became the couple's primary residence, according to the court documents. The Palm Beach Daily News reported that the waterfront property has a two-story main house, a guest house and more than 13,000 square feet of living space.

Flavin, who said in her divorce filing that the pair also own another unspecified California residence, is asking for "exclusive use and occupancy of the marital residence," stating that arrangement "is in the best interest of both parties."

Just six months ago, they sold their 21,000 sq.ft. estate in L.A.'s exclusive Beverly Park gated community — which according to the Los Angeles Times has eight bedrooms, two bathrooms and a two-story foyer — after slashing the $80 million price tag. The buyer (none other than Adele) still paid a whopping $58 million for the home.

Aside from their properties, both Stallone, a longtime producer and director as well as actor, and Flavin, an entrepreneur and former model, have thriving careers which earn them big bucks.

A recent report on TV stars' salaries in Variety hinted that Stallone was earning in the neighbourhood of $1 million per episode of his upcoming Paramount+ series Tulsa King, which is currently in production in Oklahoma.

The star of huge blockbusters like Rocky and Cliffhanger has been pulling in multi-million paychecks for decades. According to The New York Times, he earned $3.5 million for the initial Rambo movie, First Blood, which was released 40 years ago. His asking price has gone up considerably since, and he served as a producer on hits like 2015's Creed. His new film Samaritan is out Friday.

For her part, Flavin, who founded Serious Skincare in 1995, has found success in the beauty business. In 2019, her line of products, which have been sold on HSN and Evine Live, passed $2 billion in sales since first coming on the market, according to a press release from Evine.

In an exclusive statement, Flavin told PEOPLE Wednesday, "I'm sad to announce that after 25 years of marriage I have filed for divorce from my husband Sylvester Stallone. While we will no longer be married, I will always cherish the more than 30-year relationship that we shared, and I know we are both committed to our beautiful daughters. I ask for privacy for our family as we amicably move forward."