Sylvester Stallone’s wife Jennifer Flavin has filed for divorce from the 76-year-old “Rocky” star.  Flavin, 54, filed a petition “for dissolution of marriage and other relief” from the Rocky star on Friday at a court in Palm Beach County, Florida.

Stallone and Flavin married in 1997, though they had been in a relationship since 1988. The filing, obtained by PEOPLE, states that “the marriage between the parties is irretrievably broken,” and alleges that “upon information and belief,” Stallone “has engaged in the intentional dissipation, depletion and/or waste of marital assets which has had an adverse economic impact on the marital estate.”