"Kimora and I will remain committed parents and caring friends with great love and admiration for each other," Simmons, 48, said in a statement. "We will also continue to work side by side on a daily basis as partners in all of our businesses."
While his brother, Joey "Rev. Run" Simmons made a name for himself in front of the microphone with Run DMC, Russell built his multimillion-dollar empire behind the scenes, founding Def Jam Records, Phat Farm clothing and the Def Comedy Jam, among other endeavors.
Kimora was a 17-year-old model when they met in 1992. They married in 1998 and have two children, Ming Lee, 6, and Aoki Lee, 3.
Kimora Lee has become a successful designer with her Baby Phat clothing label and Hello Kitty jewelry. She has her own VH1 series, "Fabulosity," which is also the name her book, which came out last month.