Also means
to officialize
Usage Note
Formalizar means to give something an official or binding form, such as signing a contract or registering a relationship. Formalizar una relación ('to make a relationship official') is a common colloquial use. The reflexive formalizarse can also mean 'to settle down' or become more serious in demeanour. It is a regular -ar verb.
Examples
"Van a formalizar el contrato mañana."
Natural Translation
They are going to formalize the contract tomorrow.

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