*TMZ is reporting that Allen Iverson’s divorce has taken a nasty turn.

According to his estranged wife, the former NBA star went on a massive spending spree after she filed for divorce, leaving her completely penniless.

Tawanna just filed new docs in their bitter divorce battle claiming that since she filed for divorce in June, Allen stopped depositing money in their joint bank account and then made several large cash withdrawals, including one for $20,000, which he spent on diamond jewelry.

Tawanna claims the account was $23,000 in the red at the time she filed the court docs and she’s been unable to pay the bills or provide for their 5 kids.

According to Tawanna, who says she gave up her career to be a stay-at-home mom, Allen is worth over $20 million, but refuses to help her out simply out of spite.

Allen denies Tawanna’s allegations in the docs.  So far, no hearing date has been set.