LATEST: Hip-hop mogul Russell Simmons and his wife Kimora Lee will formally announce they have split this week (ends31MAR06), according to media reports in the US. The couple have been married for seven years and have two children, MING, six and AOKI, three and will still share two homes together. The pair has reportedly been separated for the last nine months, but will still work together on future projects. A source tells Us Weekly magazine, "First on their minds are their children, but they need to be happy, too." The hip-hop star had previously denied reports of trouble in his marriage, but is now rumoured to be dating model Denise Vasi. The source adds, "She's a spiritual person. They enjoy doing yoga together."