We describe the dissociation of a diatomic Feshbach molecule due to a time-varying external magnetic field in a realistic trap and guide setting. An analytic expression for the asymptotic state of the two ultracold atoms is derived, which can serve as a basis for the analysis of dissociation protocols to generate motionally entangled states. For instance, the gradual dissociation by sequences of magnetic field pulses may delocalize the atoms into macroscopically distinct wave packets, whose motional entanglement can be addressed interferometrically. The established relation between the applied magnetic field pulse and the generated dissociation state reveals that square-shaped magnetic field pulses minimize the momentum spread of the atoms. This is required to control the detrimental influence of dispersion in a recently proposed experiment to perform a Bell test in the motion of the two atoms [Phys. Rev. Lett. 101, 260503 (2008)].