How long are the parties bound by a marital separation and property settlement agreement? Web in the case of the marital relationships and their termination, partners are supposed to complete the marital settlement agreement form. The purpose of the document is to state in writing how the assets and debts will be split. Although the document is legally binding, and in the case of uncontested divorce you likely agreed to all these terms, you may want these terms changed in the future. What is the difference between a contested or uncontested divorce?