Web a divorce settlement agreement is a legal document that dictates how marital property is divided, child support and alimony, and other terms of a divorce. However, your divorce settlement agreement can be challenged or set aside if you can demonstrate fraud, duress or undue influence, or. Why is a marital separation and property settlement agreement important? The new york state unified court system (www.nycourts.gov) and the internal revenue service. Web if you and your spouse have decided to get a divorce and you have reached an agreement on issues such as who is obligated to pay spousal and child support, custody and visitation arrangements and property rights, you may want to consider entering into a marital settlement agreement.