Why is a marital separation and property settlement agreement important? 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 generally, new york courts favor allowing spouses to resolve their divorce disputes on their own. Use our divorce settlement agreement to settle divorce details with your former spouse. If you and your spouse decide to get divorced, and you can agree on issues such as property rights, spousal and child support obligations, and custody and visitation arrangements, then you may want to enter into a.