In a partition action, one owner of a property files suit against another and asks that the property be divided up or sold and the money split. A property settlement agreement becomes a legally binding part of the final judgment when your marriage is officially dissolved.Separation agreements are a useful tool for couples that are interested in pursuing separate lives or potentially obtaining an uncontested divorce. A partition and exchange agreement is a legal contract between divorcing couples that outlines the terms of their property division and distribution.