Damon Dash and Rachel Roy Divorcing

 Image by wenn.com

Hip-hop mogul Damon Dash and his wife, designer Rachel Roy, are on the outs. According to the NY Daily News, Rachel reportedly filed for divorce, which only adds to Damon’s long list of problems right now.

As you may already know, Damon Dash’s Roc-A-Fella Records is slowly crumbling under massive debt and business deals gone bad.

He was once worth $50 million, and now owes $2 million in state taxes, and a bank has started foreclosure proceedings on his two Tribeca condos. A source said, "He's broke, he's got nothing left."

A Manhattan judge even ordered the city to seize his luxury Chevrolet Tahoe SUV last year when he couldn't make the $714.99 monthly payment. According to NY Daily News, he's also being sued by law firms and landlords for not paying his bills. Ouch!

Still though, the reason for the divorce is being called “non monetary.” We smell bulls**t! Ed Hayes, a lawyer for Roy, declined comment, and a Dash spokeswoman did not return calls or e-mails.

Dash and Roy got married in Mexico in January 2005. They met when Roy was working at Rocawear and have two daughters. Just goes to show you, when the money runs out, people’s true colors show!