Although the papers were filed on Friday afternoon, reports say that both Vanessa and Kobe signed them earlier this month. Copies of the official paperwork have already hit the net.
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"She's been dealing with these incidents for a long time and has been a faithful wife, but she's finally had enough," a source tells TMZ. "This one is the straw that broke the camel's back."
They plan to share both physical and legal custody of their two daughters, Natalia, 8, and Giana, 5, according to the terms in the contract.
The couple does not have a prenuptial agreement in place, TMZ.com reports. This means Vanessa will be entitled to half of her husband’s wealth.
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A representative for the couple has released a statement on Saturday saying, "The Bryants have resolved all issues incident to their divorce privately with the assistance of counsel and a Judgment dissolving their marital status will be entered in 2012."
Vanessa Bryant asked for joint legal and physical custody of the couple's two daughters and Kobe Bryant asked for the same in his response. Vanessa has also requested spousal support.
What the Bryants want most right now is respect and privacy from the press and their fans. In the statement, they "ask that in the interest of our young children and in light of the upcoming holiday season the public respect our privacy during this difficult time."