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An Oregon marital settlement agreement is a divorce tool that allows spouses to settle matters regarding the dissolution of their marriage, including the distribution of shared property, assets, debts, and child custody arrangements. While not always required by the courts, these documents can expedite divorce proceedings. The video provides a detailed overview of settlement contracts, their functions, and the legal requirements for divorce in Oregon. Viewers are encouraged to watch until the end for a link to create their own marital settlement agreement online, which could save them significant costs during the divorce process.