After spending numerous hours meditating in yoga class and being separated for three years, Russell Simmons and Kimora Lee Simmons' divorce is now finalized due to "dissolution."

The 51-year-old hip hop impresario and 33-year-old Baby Phat fashion designer, who exchanged vows in 1998, first announced plans to call it quits in 2006. "We have been together for 14 years. Kimora and I will remain committed parents and caring friends with great love and admiration for each other," the Def Jam Records founder said in a statement on March 31, 2006.

At the time Lee Simmons managed to keep the couple's impending breakup private despite revealing that her marriage was anything less than "convenient."

"One thing my marriage is not, is convenient. I am inconvenienced," she vented to 'Vibe Vixen' magazine. "Russell and I have been together 14 years. That's a long time - almost half my life. The things that we go through are very regular things that regular people in Middle America go through. But because of my lifestyle or the logistics of it all, it's probably magnified those things. But they are the same problems and the same situations."

Apparently the two didn't waste anytime letting their hair down following the announcement.

In March 2007, Lee Simmons began dating two-time Academy Award-nominated actor and Calvin Klein model Djimon Honsou, 44, who are currently expecting their first child together. Meanwhile, Simmons has been spotted spreading his "love" across various international beaches with young model types.

Although hip hop's former number one power couple are now living two different lives, they are actively involved in numerous philanthropic initiatives. "We will also continue to work side by side on a daily basis as partners in all of our businesses," Simmons said.

Last June, Lee gained sole custody of their two daughters, 8-year-old Ming Lee and 6-year-old Aoki Lee, while Simmons was granted visitation rights -- one week every two months, and for extended periods over the holidays and summer.

Financial details of the divorce were not made public.