That's one way.

There are many ways one could go about that.

At work, we mainly create our objects, then, break them up using Maya's splitting, and detatching toolset, then for debris, we mainly use many layers of particles for dust, and we have stock debris explosions that we comp into the shot in post.

I wish there was a "make kick ass explosion with debris" setting in Maya, but, not yet

Untill then, keep rendering those layers!