Why is a marital separation and property settlement agreement important? Divorce settlement agreement forms are state specific. In the heat of a new york divorce, it may feel nearly impossible to agree on many things. Web a divorce settlement agreement, also known as a marital settlement agreement (msa) or separation agreement, is a legally binding contract that outlines the terms and conditions of a divorce or legal separation between a married couple. Web what is a marital separation and property settlement agreement (msa) ?