Shawn's lawyer, Joe Mannis, filed the docs minutes after Larry filed in L.A. County Superior Court.
Larry King is asking for joint custody of his kids while Shawn is asking for primary physical custody of the couple's two kids, as well as spousal and child support.
Shawn is also claiming much of the real estate as her separate property, including the Beverly Hills house she shared with King.
Larry, 76, and Shawn, 50, were married back in 1997 -- they have two sons together.
Sources tell TMZ both Larry King and Shawn Southwick filed for divorce today after an explosive argument at their home in Beverly Hills.
Elin Nordegren -- Heading for Sweden?
Elin Nordegren is fixing up the house on her newly purchased property in her native Sweden -- proof that it may be the spot where Elin's headed to rebuild her life.
As we previously reported, Tiger Woods' current wife picked up the $2 million home late last year -- a home that could only be described as a dump, at best.
But now, new photos reveal that a major renovation is underway on the property -- and we're told the builders are trying to get everything done by the summer.
Tiger is scheduled to play the U.S. Open at the end of June -- seems the only way Elin will be watching is if they get cable in Sweden.
Heidi Montag Takes the Twins to the Pool
Heidi Montag charged her batteries, lubed up her parts and made her way to the Liquid Pool at Aria at CityCenter in Las Vegas yesterday.
Does plastic even really tan?
Battle of the Hot Bods!
TMZ is tackling the age-old question -- Who's hotter? So step right up and vote for which celebrity bod is better!
TMZ's Feline Photo Contest -- MEOW!
The feline photos poured in for TMZ's Kitty Contest like we were passing out free cat nip!
Celebrity Bieber Bangs!
Check out which short-haired stars might look rad rockin' those trendy L-word chic Justin Bieber bangs!