According to the agreement, their children will be with the actress, while Sunjay would get the visitation right.
The couple has two kids, Samaira and Kiaan, from their 13-year-old marriage.
The modalities are being finalised in the Supreme Court today.
After they tried to work the marriage out for few years, the couple filed a mutual consent divorce petition in the family court in Mumbai in 2014, but they disagreed on some issues before the final hearing in the case.
Meanwhile, Sunjay approached the Supreme Court, seeking transfer of the divorce petition from Mumbai to Delhi because the businessman was allegedly threatened by underworld don Ravi Pujari against entering the city.
On the other hand, the apex court in March, after the 41-year-old actress filed an FIR alleging harassment from her in-laws, asked both parties to settle their differences amicably and appear on March 8 for personal hearing.
Karisma was spotted outside the Supreme Court then, but her estranged husband was missing.
The celebrity couple was then asked to appear before the court to resolve their matrimonial dispute amicably.