Hip hop magnate Russell Simmons will probably be going hard to find some lucrative business investments in the near future, as his divorce from Kimora Lee will cost him a whopping $480,000 a year in child support.
According to TMZ, the founder of Def Jam and Phat Farm will have to pay $40,000 a month for his daughters, or $20K per child. According to the documents in the case, Ming Lee, 8, and Aoki, 5, will see their father with the accompaniment of a nanny and a pre-determined authority at all times, whom will be named by Kimora Lee.
The documents also specify exactly how long Simmons will have to make the payments:
“Child support in the amount of Twenty Thousand ($20,000) Dollars per month per child continues as to each child until a child is emancipated, reaches the age of nineteen and one half years (July 21, 2019 for Ming Lee; February 16, 2022 for Aoki Lee), dies, marries, becomes self-supporting, is no longer residing with [Kimora Lee], joins the armed forces, is otherwise legally emancipated, or until further order of the Court, whichever occurs first.”
According to the documents, “the children shall be with [Simmons] every eighth week from Saturday at 9:00 a.m. until the following Saturday at 6:00 p.m.”
Lee and Simmons separated in March of 2006 and filed for divorce this year citing irreconcilable differences.
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