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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Comments
1.
balaramesh says:
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it's bad enough that she used dude to come up. now, she really taxing this dude. it was bound to happen.
July 15, 2008 at 3:23 am
2.
balaramesh says:
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where the heck is rae caruth when you need him?
July 15, 2008 at 3:22 am
3.
yanna says:
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Russell will get thru it!
June 27, 2008 at 9:31 am
4.
zodiac says:
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Sad, He has to give this much up to have a nanny take care of his children. Kimora is more than likey to BUSY to raise them. Actually, It would be cheaper for Russell to KILL Kimora i.e. like chop her up into 40K pieces and hire a nanny.
Kimora and Beyonce should be KILLed!!
Yeah I know they're getting PAID.. and that's all urban mindset cares about.
June 26, 2008 at 1:49 pm