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The Dissolution of Czechoslovakia, sometimes known as the Velvet Divorce, took effect on 1 January 1993. The event saw the self-determined, peaceful split of the federal state of Czechoslovakia into the Czech Republic and Slovakia. On November 13, the Federal Assembly passed Constitution Act 541 which settled the division of property between the Czech lands and Slovakia. With Constitution Act 542, passed on 25 November, they agreed to the dissolution of Czechoslovakia as of 31 December 1992. The split was spurred by both political and financial reasons.

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