The two daughters of hip hop mogul Russell Simmons with his ex-wife Kimora Lee, will be well taken care of for years to come.

As the former couple's divorce finalized, Def Jam Records co-founder Simmons was ordered to pay a whopping $480,000 a year in child support, $20,000 a month for each of his daughters, 8-year-old Ming Lee and 5-year-old Aoki until they reach the age of 19 1/2, or until they get emancipated, married, become self-supporting, join the armed forces or stop living with Kimora Lee, according to the legal papers obtained by The Insider.

This is far from all Simmons must provide for his daughters. The papers stipulate he must provide a car worth at least $60,000 for the use and benefit of his daughters, and the vehicle must be replaced every two years. However, Simmons will be able to seek a reduction in monthly payments if his income falls 30% below what he filed in his 2008 tax filing.

As mentioned in the legal documents, Kimora Less was granted sole legal and physical custody of the kids while Russell Simmons was awarded visitation with the girls for one week every eighth week with additional summer vacation and holiday time. Furthermore, Kimora Lee has been granted the legal authority to make all decisions regarding their daughters’ health, education and welfare.

In an open letter wrote by Simmons to celebrity blogger Perez Hilton, he praised his former wife for being an "excellent mother" who "is doing a great job with them."

"Regarding the money, my kids live a tremendous life. They do have lots of security, nannies, educators, special programs, travel, chefs, on and on. Their mother manages all of those luxuries and I'm happy to provide for that," he added.

In the meantime, the couple's Saddle River, New Jersey home, which was featured on MTV's "Cribs" in the past, has been put on the market. Kimora can continue living there until it sells and on top of that, she gets $18,000 a month for up-keep from Simmons.

Kimora Lee, a former model and current CEO of the Baby Phat fashion house and Russell Simmons, tied the knot in 1998 and announced their split in 2006, citing irreconcilable differences. Since then, 33-year-old Kimora Lee started dating actor Djimon Honsou to whom she's "kind of engaged to."