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In a divorce, pets are considered property by the courts, which can lead to one party being awarded sole ownership. Max Ruthenberg Marshall, an attorney, discusses the importance of creating a pet custody agreement to ensure both parties can maintain a relationship with their pet post-divorce. This agreement acts as a contract for joint ownership, allowing for shared custody. Key components of the agreement include identifying the pet, outlining custody schedules, addressing expenses, and detailing decision-making responsibilities regarding the pet's care. The aim is to protect both parties’ interests and the pet’s well-being.