An Atlanta, Georgia judge recently signed off on the U.S. sportsman's split from wife Tawanna Turner and awarded her legal and physical custody of their kids, according to TMZ.com.
However, Iverson will have some visitation rights if he abides by a handful of rules set in their divorce decree.
He will have to, among other things, abstain from alcohol for the next 18 months and refrain from drinking within 24 hours of seeing his children until they each reach the age of 18.
The judge also blasted the 37-year-old's parenting skills, declaring in the formal decision, "(Iverson) does not know how to manage the children; has little interest in learning to manage the children and has actually, at times, been a hindrance to their spiritual and emotional growth and development.
"For example, he has refused to attend to an obvious and serious alcohol problem, which has caused him to do inappropriate things in the presence of the children while impaired. He has left the children alone without supervision. He has left his young daughters in a hotel room with men who are unknown to the mother."