People News

Kimora Lee Simmons divorce payday

By Stone Martindale Jun 28, 2008, 21:10 GMT

Kimora Lee Simmons and her two daughters with soon-to-be-ex-husband, Def Jam Recordings co-founder Russell Simmons have finalized their settlement. 03/04/2008 - Djimon Hounsou and Kimora Lee Simmons -

03/04/2008 - Djimon Hounsou and Kimora Lee Simmons - "Never Back Down" Hollywood Premiere - Arrivals - Cinerama Dome - Hollywood, CA. USA © Albert L. Ortega / PR PhotosThe terms of a custody agreement were reached yesterday, Ming Lee, 8, and Aoki Lee, 5, will reap a $40,000 a month stipend from dad to take care of them.Papers filed in Los Angeles Superior Court on Tuesday granted Kimora Lee, 33, sole custody of the girls, allowing their father one week of visitation out of every eight weeks and extra time for summer vacations and holidays, People magazine reports.Simmons, 50, must pay $20,000 per child per month in child support, which stops when each reaches the age of 19 1/2 -- or until the daughter is married, emancipated, becomes self-supporting, joins the armed forces or stops living with her mother. When they turn sixteen, he's required to buy or lease a car valued at $60,000 or more for each of the girls once every 24 months.Kimora Lee, CEO of the Baby Phat clothing line, is reportedly nearly engaged to boyfriend, actor Djimon Hounsou.

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