For reality star Kimora Lee Simmons, it's Life in the Fab Lane, indeed.

The divorce between Lee Simmons, 33, and Russell Simmons, 51, has been finalized, with huge payouts for the model/fashion designer.

Simmons has agreed to pay child support for daughters, Ming, 9, and Aoki, 6, of $20,000 each per month until the girls turn 19, according to court papers filed Thursday in Los Angeles.

Lee Simmons also won sole legal and physical custody of the girls, with monitored visitation for Simmons.

"When the children are in [Simmons's] custody, they shall be accompanied at all times by a nanny and security person," the filing reads.

Simmons also agreed to provide a new car, worth at least $60,000, for the children's use, until they turn 16. The car will be replaced every three years, documents show.

The papers also outline a meticulous, seven-page agreement on Simmons's visitation rights, giving him access to the girls every eighth week during their school year and on various holidays.

The couple split in March 2006. Two years later, Lee Simmons said she's "kind of" engaged to boyfriend Djimon Hounsou.

"Both sides reached this settlement amicably, and are looking forward to moving on with their lives," Lee's attorney Daniel Jaffe told PEOPLE.

A lawyer for Simmons had no comment.

There really needs to be some sort of stipulation in this agreement forcing both Russell and Kimora to fork over large sums of cash to the homeless or something. Or maybe if all $40,000 is tied up each month with kiddie spa appointments and personal sushi chefs accompanying the girls to school each day then at least Kimora could take her sterling silver Tiffany's ladle down to the local soup kitchen and help out.

Hip-hop mogul Russell Simmons' ex-wife Kimora Lee Simmons wants to honor her late dog by turning the pet's remains into a diamond. The Baby Phat model and fashion designer is in mourning after 18-year-old bitch Zoe's recent death.

But she is contemplating celebrating Zoe's life with a new piece of jewelry.

She tells People.com, "You have to… grieve. It's okay to take time and say this meant something to my life and (to) honor it. There is a company that makes diamonds out of your loved ones. They make diamonds from a little of the carbon from the ash, so I might do that. I might turn her into a diamond."

We get it. This isn't some sort of hoodoo magic that Kimora's talking about; she's referring to growing diamonds in a lab. And we know exactly who put her up it: boyfriend Djimon Hounsou. Two years after the release of Blood Diamond, the world is forgetting the lessons they learned from that Very Important movie. Plus, the offers just aren't rolling in for Djimon and he needs the residuals, so a little publicity for the Horrible Atrocitiesô covered in his big-break movie will surely get those checks flowing.