Russell Simmons & Kimora Lee Simmons SPLIT!

For anyone who cares Russell and Kimora have officially announced their plans to divorce.

Hip-hop mogul Russell Simmons, 48, and his wife of seven years, Kimora Lee Simmons, 30, have been separated for nine months, Hot Stuff has learned. The couple–who have children Ming, 6, and Aoki, 3–still share two homes but will announce their separation formally before March 31, a source tells Us.

“First on their minds are their children, but they need to be happy, too,” says the source. Hot stuff first reported signs of trouble in the March 27 issue, but Russell denied problems.

Now the multimillionaire is rumored to be dating model Denise Vasi, 23. “She’s a spiritual person,” says the source. “They are doing yoga together.” (Russell’s rep had no comment.)

All I know is if that girl Denise thinks that Kimora isn't going to mind, she best think again. 'Cause there is about to be a smack down, Kimora will get ghetto all over that girl.