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. The purpose of the document is to state in writing how the assets and debts will be split. The new york state unified court system (www.nycourts.gov) and the internal revenue service. How long are the parties bound by a marital separation and property settlement agreement? As a result, if you signed a settlement agreement with your former spouse, a court will most likely enforce it.