0511_armstrongOne of the "Real Housewives of Beverly Hills" may not be a wife much longer -- because Taylor Armstrong has reportedly separated from her husband, Russell.

The duo -- who had their share of marriage issues during Season One -- were seen together as recently as May 7th, posing as a happy family with daughter Kennedy (right), but an insider tells Us Weekly "They've had huge marital problems related to finances" and have indeed split.

No official word yet from Taylor of Russell, who have been married seven years.

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