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. How long are the parties bound by a marital separation and property settlement agreement? 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. [index number] marriage settlement agreement. Web in the case of the marital relationships and their termination, partners are supposed to complete the marital settlement agreement form.