A partition and exchange agreement is a legal contract between divorcing couples that outlines the terms of their property division and distribution. A property settlement agreement becomes a legally binding part of the final judgment when your marriage is officially dissolved.The Texas Family Code authorizes a "marital property agreement" between spouses. Searching for a prenup example? Use our expert-backed guide on what should be included, complete with a prenup sample to reference. The document is a partition agreement between two parties to terminate their community ownership of a parcel of land and divide it between them. An exchange agreement is a written agreement between the exchanger and the Qualified Intermediary (QI) defining the transfer of the relinquished property. The parties" original agreement effected a partition and exchange, without the need to execute additional agreements.