ATL Falcons Owner Arthur Blank -- My Wife Is FINALLY Divorcing Me

He definitely saw this coming ... but now Atlanta Falcons owner Arthur Blank has been hit with divorce papers from his estranged wife ... TMZ has learned.

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."