For reality star Kimora Lee Simmons, it’s Life in the Fab Lane, indeed.

The divorce between Lee Simmons, 33, and Russell Simmons, 51, has been finalized, with huge payouts for the model/fashion designer.

Simmons has agreed to pay child support for daughters, Ming, 9, and Aoki, 6, of $20,000 each per month until the girls turn 19, according to court papers filed Thursday in Los Angeles.

Lee Simmons also won sole legal and physical custody of the girls, with monitored visitation for Simmons.

“When the children are in [Simmons’s] custody, they shall be accompanied at all times by a nanny and security person,” the filing reads.

Simmons also agreed to provide a new car, worth at least $60,000, for the children’s use, until they turn 16. The car will be replaced every three years, documents show.

The papers also outline a meticulous, seven-page agreement on Simmons’s visitation rights, giving him access to the girls every eighth week during their school year and on various holidays.

The couple split in March 2006. Two years later, Lee Simmons said she’s “kind of” engaged to boyfriend Djimon Hounsou.

“Both sides reached this settlement amicably, and are looking forward to moving on with their lives,” Lee’s attorney Daniel Jaffe told PEOPLE.

A lawyer for Simmons had no comment.

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Kimora Lee Simmons and actor Djimon Hounsou are expecting their first child together, a source close to the couple tells Usmagazine.com.

Simmons, 33, has two daughters, Ming Lee, 8, and Aoki Lee, 6, with hip-hop mogul Russell Simmons, whom she divorced in 2008 after nearly 10 years of marriage.

“I have a lot of hang-ups in life with men. I’m not very trusting,” she told Harper’s Bazaar last year. “After my breakup, I thought, ‘I don’t need anything.’”

But after meeting Hounsou in February 2007, she said, “I have someone who has the heart, the soul, and the hotness.”

Added Hounsou , “My first impression has always been the same, that she’s a very beautiful lady, very capable and intelligent and smart with great family values. She’s the least high-maintenance lady I’ve ever dated.”

Asked if she wanted more kids, Simmons told Us last September, “I would love to. I practice everyday.”

Jennifer Lopez surprised Marc Anthony with a big birthday bash last night at The Bowery Hotel in NYC.

At Marc’s surprise soiree:  Kimora Lee Simmons and Djimon Hounsou, Brooke Shields and husband, Dita Von Teese,

Kimora Lee Simmons has denied rumors she is pregnant with her third child after she was spotted visiting a doctor earlier this month.

Simmons stepped into a New York obstetrician’s office last week with her boyfriend, actor Djimon Hounsou, as security officers waited outside, prompting reports she was expecting.

But the Baby Phat creator insists she is not pregnant, despite admitting she and Hounsou were “kind of” engaged in June.

According to Star magazine, a spokesperson for Lee has denied the allegations.

Lee has two daughters from her 15-year marriage to hip-hop tycoon Russell Simmons - Ming Lee, eight, and Aoki Lee, five.

She has been dating Hounsou since February 2007.

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WENN

Rap mogul Russell Simmons’ estranged wife Kimora Lee Simmons is demanding $480,000 in child support as part of the couple’s divorce settlement.

In documents filed on Wednesday at Los Angeles Superior Court, the fashion model-turned-designer is asking for $20,000 per month for each of the couple’s two daughters.

The papers suggest Def Jam Records co-founder Simmons’ should be expected to pay the huge sum each month until 2019 for Ming Lee, eight, and 2022 for Aoki, five, according to TMZ.com.

The couple wed in 1998 and split in 2006, citing irreconcilable differences.

The pair are seeking joint physical and legal custody of their children.

Both parties are also asking the court to deny spousal support for the other.

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WENN

Kimora Lee Simmons has a lesson to share about married life – and it’s not all fabulous.

“When you get married, you’re forced to drink the milk long after it’s spoiled,” the designer, 33, tells Giant magazine for its June/July 2008 issue.

Simmons – who in March filed for divorce from her husband of 10 years, Russell Simmons – is now dating actor-model Djimon Hounsou, and is never one to shy away from knocking down tabloid talk when it comes to her personal life.

“I hear the craziest things, like, ‘She has to have a champagne glass filled within a quarter inch of the lip,’ ” says Simmons, who dismisses any notion that she might be an “extreme diva.”

“The reality, is I’m a dedicated mother [to daughters Ming Lee, 8, and Aoki Lee, 5] and a very kind, funny and hardworking person,” she says. “My reality-TV show helps to shed a bit of light, but even that’s glamorized.”

Ultimately, she says, she doesn’t care what others think of her, though “sometimes people who don’t know me say really cruel things that are way off base. But you can’t care too much about what people think of you. You have to establish your own set of core values and live by them”

And those core values? “Honor, respect, tenacity, intelligence and humor,” she says, adding, “Do your best, and live with the repercussions of your choices – good or bad.”

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WENN

Hip-hop mogul Russell Simmons’ divorce from Kimora Lee Simmons has just turned nasty after the former model filed for sole custody of the couple’s young daughters.

The Def Jam Records co-founder has challenged his estranged wife’s divorce petition in a Los Angeles court, and is seeking joint physical and legal custody of his daughters, Ming, eight, and Aoki, five.

The couple wed in 1998 and split in 2006, citing irreconcilable differences.

In her divorce filing in March, Kimora Lee requested that her estranged husband get “reasonable child visitation” to his kids.
Both parties are also asking the court to deny spousal support for the other.

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WENN