Property division refers to the process of dividing assets and debts between two parties, typically during a divorce or separation. This can include various types of property, such as real estate, bank accounts, vehicles, and personal belongings. The goal is to ensure a fair distribution based on the laws of the jurisdiction and the specific circumstances of the case. In many jurisdictions, property division is guided by principles like community property or equitable distribution. Community property means that all assets acquired during the marriage are owned equally by both spouses, while equitable distribution considers factors like each party's financial situation and contributions to the marriage to determine a fair division.