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Lisa Marie Presley Filed for Divorce After Husband 'Took Advantage' of Her Money, Lawyer Claims

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After 10 years of marriage, Lisa Marie Presley filed for divorce from musician Michael Lockwood on June 13, citing irreconcilable differences. And though her lawyer says they’ve since updated the petition to instead request legal separation, it’s only due to a legal formality and there’s no going back for the singer.

“They’re not trying to work it out and get back together,” her lawyer Ronald Litz tells PEOPLE. “She’s done.”

As for why Presley is calling it quits, Litz says it’s two-fold, having to do with the couple’s finances and their kids. “He apparently was in charge of her assets throughout the marriage and didn’t do what he should have done on a fiduciary basis,” Litz explains. The couple did not have a prenuptial agreement, though at one point they did draw up a postnuptial agreement. Still, the lawyer claims, “He took advantage of her.”

As for the issue over their children, 7-year-old twin daughters Harper Vivienne Ann and Finley Aaron Love, Presley, 48, contends “there are some problems with him being a good father, in terms of what a father is supposed to do,” says Litz, adding that her request for full custody seems warranted. “I absolutely believe that what we’re asking for is necessary.”

Lockwood, 55, did not immediately respond to PEOPLE’s request for comment in regards to these claims.

Lisa Marie Presley and Michael Lockwood
Broadimage/REX/Shutterstock

Despite the news of the split, Litz says the couple hasn’t actually spoken about the impending divorce. “She doesn’t know what his reaction is going to be to this,” says the lawyer, adding that it’s been “at least a month” since Lockwood moved out of their home and Presley has been unable to locate his new residence in order to serve him.

This is the fourth marriage for rock legend Elvis Presley’s daughter. She was previously married to Michael Jackson, Nicolas Cage and Danny Keough, with whom she shares son Ben and daughter, actress Riley Keough.

“It’s tough on her, but she’s going to get through it,” says Litz of the latest split. “There’s so much stress and nonsense that goes on during divorce. But she’ll be fine ultimately.”