Russell Simmons’ divorce from Kimora Lee Simmons is gonna cost him a pretty penny in child support — $480,000 per year to be exact.
In court documents, obtained by TMZ and filed in Los Angeles Superior Court on Tuesday (June 24), it looks like the hip-hop mogul is to pay $20,000 per month for each of his two daughters, Ming Lee and Aoki Lee, beginning in July.
While Kimora maintains sole custody of the two children, Russell will get visitation rights. He will get his kids every eighth week from Saturday until the following Saturday when they are to be returned at 6:00 p.m., according to the documents, which will take place in Los Angeles, where Kimora resides. However, holidays, summers, and vacations, are also options.
Once reading through the documents, it’s revealed that the $40,000 per month isn’t the only thing he’s responsible for either.
(View the official court documents here.)
The couple’s Saddle River, New Jersey home, which was featured on MTV’s “Cribs” in the past, has been put on the market, and Kimora will be able to occupy the residence until it sells. On top of that, Russell is told to fork out $18,000 for up-keep per month to Kimora until it is sold.
Later in the court documents, it says that Russell is responsible for providing Kimora with a vehicle every two years, valued at no less than $60,000.
Despite all the big money he has to shell out, he may seek a reduction in monthly payments if his income falls 30% below what he filed in his 2008 tax filing.
These child support payments will commence until 2019 for Ming Lee and 2022 for Aoki.