Sheen and Mueller, who married in 2008, will share custody of their twin toddler sons, with Mueller maintaining primary physical custody of the children and Sheen paying her $55,000 a month in child support.
Sheen will also pay Mueller a one-time settlement of $757,698.70, as well as $1 million for her share of the family home, which Sheen will keep, TMZ said.
Both Sheen and Mueller have spent time in rehab battling addictions to drugs and alcohol in recent years.
The "Two and a Half Men" star also pleaded guilty to misdemeanor assault as part of a plea bargain after he was arrested for allegedly attacking and threatening Mueller on Christmas Day 2009. He was sentenced to rehab, placed on probation and ordered to take anger-management classes.