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Russell Simmons Shells Out Phat Child Support to Kimora

Russell Simmons, Ming Lee Simmons, Kimora Lee Simmons, Aoki Lee Simmons johnny Nunez/WireImage.com

Life in the fab lane just got some serious backing.

A judge has formally signed off on the deal Russell Simmons and Kimora Lee Simmons hashed out last summer, with the apparently recession-proof hip-hop mogul agreeing to shell out $40,000 a month in child support—$20,000 per girl—to his two daughters until each reaches 19½ years of age.

The Baby Phat mama was also granted sole legal and physical custody of 9-year-old Ming and 6-year-old Aoki in the settlement, which was signed off on yesterday by Los Angeles Superior Court Judge Marjorie Steinberg.

The 51-year-old hip-hop mogul was granted monitored visitation rights (he must be accompanied by a nanny and security person) and must also provide a new car for the children's use until they turn 16. The vehicle must be worth at least $60,000 and will be traded in for a new model every three years.

In exchange for his bankroll, and on top of his visitation, Simmons will have custody of the girls every eighth week during the school year and on a handful of holidays.

It's a settlement Simmons says he's more than happy with.

"I am reading these stories today about how a judge ordered me to pay Kimora $40,000 a month in child support and I want to make something very clear," he wrote on his official blog on GlobalGrind.com.

"Nothing was ordered, it was given. My kids have a fabulous life; they are exposed to a broad range of artistic and scholastic educational programs and I'm very happy to contribute to that.

"As long as I have it, they can have it. If I ever don't have it, I'm coming home to live with them!"

The couple split in 2006, though waited two years to officially file for divorce, ultimately doing so in March 2008.

The long-coming divorce was finalized just last month, and not a moment too soon. The 33-year-old former model is expecting her first child with her beau of two years, Djimon Hounsou.

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