EXCLUSIVE

Former Red Hot Chili Peppers guitarist John Frusciante got off pretty good now that his divorce has gone final ... considering it could've been a whole lot worse.

Sure, John's gotta fork over a onetime payment of $1.6 million to ex-wife Nicole, and pay a big chunk of her legal fees. But once that's done, John's off the hook and won't have to pay any support ... this according to legal docs obtained by TMZ.

Nicole also gets to keep 4 paintings from famed artist Laurie Anderson ... plus her Toyota Prius and a mini travel studio John built for her.

It's small potatoes compared to what John gets -- master recordings and musical compositions made before, during, and after their marriage. That's HUGE considering he was the guitarist on Chili's hit album "Blood Sugar Sex Magik" and co-wrote the music to "Give It Away."