Looks like it's divorce court at last for Baby Phat designer and all-around fabulosity Kimora Lee Simmons, 32, and Def Jam Records co-founder Russell Simmons, 50. Kimora filed official papers late Tuesday citing irreconcilable differences.

Back up. Didn't they already do that? Russell reportedly filed for divorce in 2006, after the couple separated. Last year, Kimora told OK! Magazine that they were still legally wed and "who knows" what would happen between the two. Well, we got our answer -- splitsville!

The papers show Kimora is seeking legal and physical custody of their two kids, Ming Lee, 8, and Aoki Lee, 6. Russell would get "reasonable" child visitation, but a nanny and security must "accompany them at all times." She's not seeking spousal support.

The couple married in 1998.

Russell's camp gave TMZ a statement saying, "Although I haven't read the papers, I'm excited for closure on this issue. I love her to def" -- yes, he really wrote that ... it's kind of cute -- "and I will always wish her happiness and success."

Kimora probably is happy, because now she can really move on with her boyfriend, actor/model Djimon Hounsou.

Do the divorce terms sound fair, or should Kimora be asking for more? Should Russell?