The couple also has outstanding tax debts after making "improvident" lifestyle choices.
Grace Jamra, representing Belafonte, claimed in court: "Their lifestyle was extravagant and affluent. She wiped out all her Spice Girls money, approximately $50 million if not more."
According to The Sunday People, the singer's British account, Moneyspider Productions, set up in 1997, has just 961 pounds.
Mel B, whose real name is Melanie Brown, was represented by Jacalyn Davis, who also claimed the couple's tax problems were "sustained through improvident lifestyle choices."
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"They never had money at the end of the year to pay their taxes. All their community income was being spent and then some. In this marriage that would be Miss Brown's income from the Spice Girls."
Mel B filed for divorce from Belafonte on March 20. She also filed a restraining order from her estranged husband to protect her and their three children.
In the restraining order, she claims he physically and emotionally abused her, forced her to have threesomes and more disturbing details throughout their 10-year marriage.
Belafonte has denied the claims, as he told reporters, "I am really distraught with how this is going to affect our children… I'm shocked at those allegations."
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