Sylvester Stallone denies wrongdoing over joint marital assets with estranged wife Jennifer Flavin

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Sylvester Stallone has denied trying to "waste" joint marital assets.

The 'Rambo' actor has formally responded to Jennifer Flavin's divorce petition and dismissed her allegation he had “engaged in the intentional dissipation, depletion and/or waste of marital assets which has had an adverse economic impact on the marital estate.”

In court documents filed in Palm Beach County, Florida, and obtained by People magazine, the 76-year-old actor’s legal team insisted he had “not engaged” in such behaviour, while also opposing his estranged wife’s request for “exclusive” use of their Palm Beach home.

Jennifer had requested the court stay mindful of how the “conduct of each party” could impact legal feels and potentially draw out the process of divorce, asking for “mutual cooperation” to reduce bills.

Her court documents read: "Upon information and belief, the Husband has engaged in the intentional dissipation, depletion and/or waste of marital assets which has had an adverse economic impact on the marital estate. Pursuant to Section 61.075, Florida Statues, equity dictates that the Wife be compensated and made whole by receiving an unequal distribution of the marital assets in her favour. Moreover, the Husband should be enjoined from, selling, transferring, assigning, encumbering, or dissipating any assets during the pendency of proceedings."

In his response, Sylvester highlighted the 54-year-old model had “hired counsel to represent her and agreed to pay them their legal fees.”

He also did not oppose her petition to “restore” her maiden name and conceded their marriage was “irretrievably broken.”

The 'Rocky' star - who has daughters Scarlet, 20, Sistine, 24, and Sophia, 25, with his estranged wife - recently insisted his marriage hadn't ended over "trivial" rows about their family dog, Dwight.

He said: "We did not end the relationship on such a trivial argument. We just went in different directions. I have the highest respect for Jennifer.

"I will always love her. She's an amazing woman. She's the nicest human being I've ever met."