Aries Spears - Fine, Then take our Kids.

"MADtv" star Aries Spears has willingly given up full custody of his 3-year-old son to his estranged wife ... after allegedly threatening her life with a baseball bat ... TMZ has learned.

TMZ broke the story ... Spears' wife Elisa Larregui filed for divorce February 7, citing irreconcilable differences. In the docs, Elisa demanded full custody of their 3-year-old son.

She didn't elaborate in the divorce docs ... but four days later, Elisa filed a request for a restraining order against Aries, claiming he swung a baseball bat at her and nearly killed her. 

According to Elisa's restraining order docs, Aries was also a verbally abusive father ... and had been physically abusive with one of her children from a past relationship.

Elisa scored a temporary restraining order ... and Aries subsequently threw in the towel, agreeing to give Elisa full physical and legal custody of their son.

He also agreed to stay 100 yards clear of Elisa and their son unless there's a prearranged visit.

Oh yeah, Elisa's picking up and moving to Florida too ... and Aries has agreed to foot the moving bill.

Aries Spears' lawyer tells us, "The family is mending and for the moment, they have chosen to place some distance between themselves. Aries and Elisa have been communicating peaceably and have worked things out between themselves. Aries looks forward to spending quality time with his son.