The New York Daily News is reporting Roc-A-Fella Records co-founder Damon Dash has been served divorce papers by his wife Rachel Roy.

The breakup adds yet another lawsuit to the pile for the former top hip-hop businessman who was once valued at “about $50 million” in a New York magazine profile.  But massive debt, bad business deals and countless lawsuits including this, the latest, have contributed to one of the hardest falls from grace in Hip Hop history.

According to the court documents obtained by the Daily News, the divorce is for “nonmonetary relief” and should be resolved by February.  Dash and Roy met while working together at Rocawear and were married in January 2005.  They have two daughters.

The announcement comes on the eve of the premier of Dash’s new season of the “Hip-Hop Monologues,” an Off-Broadway performance depicting the life of his business protégé, Jim Jones.

Here’s a look just how far the might have fallen.

In 2005 Dash sold his stake in Rocawear to Jay-Z for $20 million

Dash currently owes $2 million in state taxes

Foreclosure proceedings on his two Tribeca condos are currently pending

Last year, A Manhattan judge seized his Chevrolet Tahoe SUV last year after he failed to make the $714.99 monthly payment.

Dash currently faces countless lawsuits filed by law firms and landlords for non-payment.

While Dash has been trying to tell everyone who would listen that his comeback is pending so are the piling lawsuits and this latest one from perhaps the best thing he had going might be the straw that broke the camels back.  A very unfortunate and sad story. Jay…what’s good?  Help your man out with a bailout, congress style.