Agreement between the parties could change that outcome. This is one of many issues to consider when negotiating a property settlement and separation agreement.A property settlement agreement is an agreement between the spouses on how to divide the marital assets but this agreement cannot be filed with the Court. Are you prepared to negotiate a divorce property settlement agreement in Arizona? Arizona has a Community Property Statute. Spouses are free to enter into divorce settlement agreements regarding the division of their property. There is no need to worry about deadlines and properly completing the forms. Arizona has many regulations of community property division in divorce cases. Get the best possible outcome when dividing your property. Divorce isn't just splitting the relationship.