Tim Allen’s wife Laura has decided she’s waited long enough for home improvement — she’s finally pulling the plug on their almost 16-year marriage.

The couple had separated in November 1999, then began patching up their differences. But just when friends thought the pair were headed for a full reconciliation, Laura found out about yet another of Tim’s affairs — this time with a woman less than half his age — and finally told the 48-year-old “Home Improvement” star their marriage was over for good.

“Laura has been a stand-by-your-man wife,” a source close to the couple declared. “She even looked the other way when friends told her about the string of women since his affair with his sexy personal trainer, Jane Hajduk.

“Each time she forgave him. But now Laura’s got proof that Tim’s philandering hasn’t stopped. Friends have been calling her, saying Tim’s been out on the town with a young woman. They say she’s barely 23!”

When Laura learned of Tim’s latest fling, she asked point-blank if he was cheating with a young woman, said the source.

“Tim denied it, but Laura screamed: ‘Quit lying. This is not the first time you’ve been caught. And you’re dating a kid so young she could be your daughter!’

“Laura means business this time. She’s preparing divorce papers right now and Tim could find himself served on the set of his upcoming movie ‘Santa Clause 2.'”

Even though Tim claims he still loves Laura, he’s been forced to face the fact that the marriage is finally over, a friend revealed.

“He has a string of girlfriends that he squires around New York and Los Angeles and right now he’s riding high.

“He told me, ‘It’s too late. I can’t be put back in the bottle as a monogamous family man. I love our daughter Kady, and Laura and I have been together for so many years, we’ve become codependent on each other. But the marriage just doesn’t work.’ “

The source added: “The truth is, Tim doesn’t want to divorce — because it would cost him nearly half his fortune. But he can’t control his lust for the ladies!”