Russell Simmons to Pay $40K Child Support a Month

02/26/2009 at 09:10 PM EST

Russell Simmons to Pay $40K Child Support a Month
Kimora Lee Simmons with daughters Aoki and Ming
Gilbert Carrasquillo/FilmMagic
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 Simmons's attorney Daniel Jaffe told PEOPLE.

A lawyer for Simmons had no comment.

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