Russell Simmons Divorce Settlement

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Divorce is the end of a relationship that started with lots of love and respect. Sooner or later, when things become bitter between the couple, they part ways from each other. It is necessary for the two to settle all their disputes calmly so that they can live their life without any stress. Both should talk to each other regarding the things that they want to divide so that all this can be stated in the separation agreement. Russell Simmons divorce settlement was one of the most shocking settlements as Russell had to pay a fortune to his already earning wife. Their divorce took place because of irreconcilable differences.

Introduction to Russell Simmons Divorce Settlement

Russell Wendell Simmons is a successful entrepreneur in the United States. Along with Rick Rubin he co-founded the pioneering hip-hop label of Def Jam. Simmons is also the creator of American Classics, Argyleculture and Phat Farm which are clothing fashion lines.

On the other hand, Kimora Lee Simmons is the Creative Director and President of Phat Fashions, an author and an American fashion model. In the past, she has worked as a Creative Director of Baby Phat.

In November 1992, while the New York fashion week was in progress, the love birds met for the first time, after which both of them started dating. Both of them dated each other for around six years, and then took the decision of tying the knot on December 20, 1998. This couple resided in a lavish 4 acre, 10 bedroom house situated at Saddle River, New Jersey. The couple enjoyed all the luxuries of life and was blessed with two daughters namely, Ming Lee and Aoki Lee.

The divorce was officially filed in March 2008. Kimora said that there were irreconcilable differences between them. The final announcement about their divorce was done in January 2009. Soon after this announcement, the news of Kimora's affair were out. She started seeing her new boyfriend, Djimon Honsou.

Terms of Russell Simmons Divorce Settlement

Some of the terms and conditions in Russell Simmons divorce-settlement are stated below:

• Kimora was awarded sole custody of the two children, Aoki Lee and Ming Lee.
• Russell was given visitation rights of the children every 8^th week. It was stated that Russell would get extra time with kids during their summer holidays, during Christmas and spring break.
• The terms stated that Russell would have to pay 18,000 USD per month for the maintenance of the Saddle River, New Jersey Crib.
• Kimora has been permitted to freeload at their residence until the couple closes the house.
• Every 2 years, Russell must offer his ex a bought or leased car that is valued at minimum 60,000 USD.
• Russell is supposed to disburse 20,000 USD per month per child as child support. This child support need not be paid if the following conditions are fulfilled:
  • Until the children complete nineteen and a half years of age
  • Children want to stay alone, away from their mother
  • Girls get married and shift with their husbands
  • Until they are financially independent
  • Any of the two joins the Armed Forces

Some people have expressed an opinion that Russell is a loser in this divorce settlement. The reason being he had to disburse about half a million dollars to a woman who earns 17 million dollars per year herself. This was one of the strangest types of divorce-settlements and one of the biggest as well.

What Russell spoke about the divorce settlement?

• Russell revealed that as per the divorce settlement if he reaches Los Angeles at any moment, then he can call up Kimora, and she has to send the daughters to meet him. The same was applicable if Kimora reaches New York.
• Most of the times Kimora will be consulting Russell regarding the school or the doctors for their daughters. Although the final decision still remains in her hands.
• If Kimora wishes to make some business decisions regarding their children, it is essential to have Russell's consent. For every big decision, it is necessary to involve Russell in it.

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