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. Divorce settlement agreement forms are state specific. The purpose of the document is to state in writing how the assets and debts will be split. Prior to writing an agreement, each spouse is required to provide the other with a financial disclosure listing all assets and debts. Web posted on august 6, 2019.