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A marital settlement agreement is a divorce contract that outlines the division of property and liabilities, as well as alimony, child support, and custody arrangements, before filing for divorce and obtaining court approval. This video tutorial discusses the functions of marital settlement agreements and provides information on obtaining a free official template. It emphasizes the importance of negotiating divorce terms and establishing mutual agreements on asset distribution prior to seeking a divorce decree. Key steps include hiring a divorce attorney to ensure terms are fair, gathering financial information (tax returns, assets, liabilities, and current income), and scheduling meetings with each spouse.