After nearly three years of separation, Kimora Lee Simmons and Russell Simmons are officially divorced. 

Divorce papers were filed in Los Angeles on Thursday and the settlement included huge payouts for Kimora.  "Both sides reached this settlement amicably, and are looking forward to moving on with their lives," her attorney Daniel Jaffe told People.com.

Kimora got sole physical and legal custody of the girls, but Russell will have visitations every eighth week during the school year and on given holidays.  The girls will have a nanny and a bodyguard on hand at all times during those visits.

Under the settlement, Russell is definitely keeping his daughters well taken care of (not like he wouldn’t have done that anyway).  The mogul has agreed to monthly payments of $20,000 each for Ming and Aoki until they turn 19.

Court papers also show that Russell agreed to keep his girls in the fab lane by providing them with a new car worth at least $60,000 until they turn 16.  It will be replaced every three years.  Looks like Kimora may need to hire a new driver.

This leaves just one question: now that the divorce is final, will Kimora keep the Simmons surname?

-- Sonya Eskridge