Things are not looking up for Damon Dash. The former mogul -- known for splashing champagne on video vixens while Jay-Z spit 16 (bars that is) -- will be flying solo soon. According to reports, Dash's wife of four years, designer Rachel Roy, filed for divorce from the reportedly broke entrepreneur. The lawsuit joins Dash's laundry list of legal and financial trouble.

Dash faced seizers of both his trendy Tribeca condos and a Chevy Tahoe back in November 2008. The $7.3 million dollar condos were foreclosed by Eastern Savings Bank for a non-payment of $78,504 over the course of several months. The former bottle popper also owes a whopping $2 million in state taxes.

Dash and Roy tied the knot in Mexico in January 2005. The pair met while Roy was an intern at Rocawear clothing line. Since their union, Roy's clothing line of the same name has flourished while the once-heralded music mogul seems to have trouble paying his bills.

On a positive note, Dash is working his way back into the music industry and acting as theater producer for rapper Jim Jones' off-Broadway project, 'Hip-Hop Monologues.' The show premiered last year and returns to the stage tonight.