Charlie Sheen: Brooke and Denise Accept Radical Reduction in Child Support

Charlie Sheen is in such financial trouble ... his ex-wives have agreed to slice their child support payments in half, for fear if he goes to court the payments would be reduced to next to nothing ... TMZ has learned.

Sources familiar with the situation tell us, both Brooke Mueller and Denise Richards have agreed to around $25k a month ... they were each getting $55k a month.

We're told Charlie is now making next to nothing, which is shocking given his previous earning power with "Two and a Half Men" and "Anger Management."

Our sources say Brooke and Denise both knew if Charlie went to court for a reduction in support a judge would drop the payments to $10k a month, or maybe even lower.

We're told Charlie threw in some real estate for Brooke and Denise and committed to doing a show with Denise.

We're also told Charlie is liquidating his assets, because he's facing a slew of legal claims.