Property division refers to the process of dividing assets and debts between parties during a legal separation or divorce. This can include various types of property, such as real estate, vehicles, bank accounts, and personal belongings. The goal is to ensure a fair distribution based on factors like ownership, contribution, and the needs of each party. In many jurisdictions, property division follows either community property or equitable distribution principles. Community property means that all assets acquired during the marriage are shared equally, while equitable distribution considers various factors to achieve a fair outcome, even if it’s not a 50/50 split.