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$10 million divorce possible for Dwyane Wade

Massachusetts's couples seeking to dissolve their marriage understand that a divorce does not always resolve quickly. This can be true of any divorce. Some divorces, however, can be particularly lengthy and involve much time and energy. In these situations it is imperative that details are not overlooked.

A high asset divorce is inherently different from other divorces. The sheer amount of money and assets involved sets these divorces apart. An example stems from the divorce of basketball player Dwyane Wade.

Wade's divorce was filed in 2007, but several issues are still unresolved. Wade's divorce was "finalized" in 2010 and Wade was awarded sole custody of the couple's kids in 2011. The custody battle is not over, however, and it is suspected that Wade's expenses could total up to $10 million.

When a couple gets divorced, all of their assets must be divided. High asset divorces are different because they typically involve more property than other divorces. Attention to detail when dividing the property is crucial in order to ensure that each party receives a fair settlement.

In the state of Massachusetts, property division occurs by way of equitable distribution. This means that a judge will decide what is fair, instead of making a perfectly even 50/50 split. There are two categories of property that are divided during a divorce.

Community property is one and includes anything that has been used by the couple during the duration of their marriage. Separate property is the other and includes anything that is acquired before the marriage, or is otherwise separate from the marriage. Determining what is community and what is separate is an important part of the divorce proceedings.

Divorce itself can be a lengthy and expensive procedure. Discussing the situation with an experienced professional in the state of Massachusetts is one way to ensure that an individual's rights are protected.

Source: Huffington Post, "Dwyane Wade Divorce Fees Could Reach $10 Million: Report," August 8, 2013