Kimora Lee And Russel Simmons Finalize Divorce

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"Hip-hop's favorite pair are officially on their way to splitsville, as Kimora Lee Simmons reportedly filed for divorce yesterday (Mar. 26) from her mogul husband Russell Simmons.

According to court papers obtained by TMZ, Kimora Lee Simmons filed for divorce in Los Angeles County Superior Court on Wednesday citing irreconcilable differences as the reason for the couple's break-up. Lee Simmons is reportedly asking for both legal and physical custody of the couple's two daughters, Ming Lee and Aoki Lee, but is apparently not seeking any spousal support from the Def Jam founder.

The court papers also suggest that Kimora is asking that "reasonable child visitation" be granted to Simmons, but that the girls be "accompanied at all times by the children's nanny and security personnel."

The news of the proceedings have come as a shock to some, as many had assumed that the couple was already divorced. Simmons reportedly filed for divorce in March 2006, but in August of '07 Kimora told OK! Magazine that they were not divorced yet, and "who knows" what will happen.

Neither of the two have made their new relationships a secret, with Simmons admittedly in a relationship with model Porschla Coleman and Kimora dating actor Djimon Hounsou.

Russell released a statement through a representative, saying "Although I haven't read the papers, I'm excited for closure on this issue. I love her to death and I will always wish her happiness and success."

The two were married on December 20, 1998 on the Caribbean island of St. Barts with Russell's brother, Joseph "Run" Simmons presiding over the couple's nuptials. Russell's initial filing for divorce in 2006 was followed by an explanation that the couple had not been together for some time, but still continued to be close and raise their children collectively.

The two continued to work together in business as well, with Simmons still actively working with Phat Farm and Kimora acting as creative director and President of Phat Fashions, overseeing her Baby Phat line. In addition to her duties with Baby Phat, Kimora also has her own reality TV program chronicling her balancing work and family entitled "Fabulosity." Simmons also has several projects ongoing, including his Rush Communications and the newly revamped "Def Comedy Jam" on HBO.

No word on how any of the couple's other assets will be dealt with and Kimora Lee Simmons has not issued a statement on the pending divorce."