C.T. Tamburello, known from his time on MTV's "The Challenge," has finalized his divorce ... this coming a year after heading to court to pull the plug on their marriage.

According to new docs, obtained by TMZ, C.T. and his ex, Lilianet Solares, reached a settlement earlier this month -- agreeing to split custody of their 7-year-old son, Christopher Jr., and also to evenly divvy up expenses for the child.

But C.T.'s also gonna have to pay Lilianet $761.39 each month in child support ... and an additional $332.45 for each week he is working, and unable to exercise equal timesharing for their little one.

In addition, C.T. keeps their home, but will give Lilianet another $30,000 for her portion of the property's equity -- he'll also retain ownership of his company, New Leaf Investments, and she keeps her business, Solares Management.

TMZ broke the story, C.T. filed for divorce in Florida last November, following a very up-and-down relationship.

Docs filed in September showed they agreed on strict rules when it came to raising their kid -- which included them not being able to ask Christopher Jr. about the other parent while spending time with them.