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Arthur Blank, owner of the Atlanta Falcons, is going to be a single man soon….

Blank — the BILLIONAIRE who co-founded Home Depot — had previously announced he and Stephanie Blank separated in 2011 … after 16 years of marriage.

Now, Stephanie — the mother of Arthur’s three children — has pulled the trigger … filing divorce docs in Fulton County, GA.

According to the papers, Stephanie claims the union has been “irretrievably broken” … but the good news — the two have already hammered out a settlement that covers money, custody and property.

The terms of the settlement are confidential — but with Art reportedly worth $1.3 BILLION … Stephanie stands to get some serious green.

As for the couple’s three minor kids … Stephanie says she and Art have put together a “comprehensive Parenting Plan” … but the terms of the plan are also confidential.

Back when they split, the couple had released a joint statement saying they “remain great friends and are committed to working together to parent their three wonderful children.”

via TMZ