Sen. Edward W. Brooke (R-Mass.), trying to end years of legal bickering and finally bring to a conclusion his recent divorce, will transfer to his former wife Remigia the couple's $125,000 property on the Caribbean Island of St. Martin.

The Nov. 17 transfer would cancel a Dec. 28 contempt hearing against the senator for allegedly failing to comply with the July 14 financial settlement that ended his 31-year marriage.

The move came in Middlesex probate court yesterday during a hearing ona request by Brooke's ex-wife to reschedule the contempt hearing to Oct. 23 - less than two weeks before the Nov. 7 election.

Brooke, plagued by the bitter divorce throughout his campaign for a third term, is reported to be in a neck-and-neck race with liberal Democratic Rep. Paul E. Tsongas.

"We are not here to harass a man who is running for office," Mrs. Brooke's attorney, Monroe Inker, told the judge. "We are here with a woman in distress to obtain some relief."

Appearing somber and withdrawn, Mrs. Brooke told reporters outside the courtroom she is not waging a campaign to harm her husband's political chances. "I wish good luck to him," she said. "I don't wish him any bad luck at all."

"I'm satisfied," she said of the new arrangement, "and I hope everything is finalized on the 17th."

Inker's motion requesting the contempt hearing before the election stated the purpose was not to "engage in political blackmail by forcing compliance at a time that would be embarrassing personally to Sen. Edward W. Brooke."

Instead, the motion said, the purpose was to "secure performance of obligations which the Senator voluntarily undertook and has knowingly and intentionally ignored."

Brooke's attorneys contend they signed over the property within the 30-day deadline. However, the document apparently was lost whn Mrs. Brooke switched attorneys.Brooke must pay an estimated $50,000 in taxes on the island property as well as sign over the deed before his divorce problems in probate court here will come to an end.