Hip-Hop mogul Russell Simmons has come to terms with child support payments with former wife Kimora Lee agreeing to shell out $480,000 a year.

The decision was finalized in a California courtroom on Thursday (February 26).

Los Angeles Superior Court judge Marjorie Steinberg signed off on an agreement Thursday giving Kimora Lee Simmons sole custody of the couple’s two daughters, 9-year-old Ming and 6-year-old Aoki. The couple’s divorce was finalized in January. Kimora Lee Simmons filed for divorce in March 2008, citing irreconcilable differences. (Associated Press)

Along with Lee’s custody, Simmons will also be required to make monthly child support payments.

The 33-year-old ex-wife of Russell Simmons will receive $40,000 a month in child support from the hip-hop mogul. Each daughter’s child support payment will total $20,000 a month until the girls turn 19. (New York Daily News)

Simmons has agreed to provide a vehicle as a means of transportation.

The Phat Farm founder also agreed to provide a new car, worth at least $60,000, for the children’s use until they turn 16. The car shall be replaced every three years. (All Headline News)

Despite shelling out nearly $500,000 a year, the rap mogul is reportedly satisfied with the arrangement.

“Both sides reached this settlement amicably,” Lee’s attorney Daniel Jaffe said, “and are looking forward to moving on with their lives.” (People)

Russell has since released a statement regarding the decision.

“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 in a statement. “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 to live with them!” (Press Release)

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