Sylvester Stallone, Jennifer Flavin File For Divorce After 25 Years Of Marriage

Sylvester Stallone and Jennifer Flavin have decided to call it quits after 25 years of marriage and raising three daughters together.

Flavin filed for divorce in Florida on Friday and accused Stallone of mishandling marital assets, TMZ reported. Flavin remains in the couple's home in Palm Beach amid the divorce proceedings, the outlet added.

"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 favor. Moreover, the Husband should be enjoined from, selling, transferring, assigning, encumbering, or dissipating any assets during the pendency of proceedings," as per the divorce document obtained by ET.

Flavin, 54, and Stallone, 76, first met at a restaurant in Beverly Hills in 1988 and share three daughters: Scarlet, 20, Sophia, 25, and Sistine, 24.

"I love my family. We are amicably and privately addressing these personal issues," Stallone said when asked about the split.

For her part, Flavin said the dissolution of their marriage is "sad" but said they will "move forward amicably."

"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," she told PEOPLE exclusively.

"I ask for privacy for our family as we amicably move forward," she added.

Earlier, it was reported that the couple figured in a heated argument because the "Rocky" actor wanted to get a Rottweiler for protection but Flavin objected. The argument allegedly opened up a slew of unresolved issues which triggered the divorce. TMZ later clarified that the dog was not the main issue for the split.

While they have issues with how to care for the dog, Stallone clarified that was not the reason for the split.

"We did not end the relationship on such a trivial argument," Stallone said. "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."