To divide property is the process of dividing a married couple's assets and debts. This usually happens after they separate or divorce.
Married couples usually share the value of their property. This means that the partner who has more property usually pays money to the partner who has less property. Usually, the property itself is not physically divided.
This is not true for people in a common-law relationship. They usually don't have to share the value of their property if they separate.