PC: Bourbon Castille, Hapsburg Aragon

With the death of Charles II of Spain in 1700, both the Bourbons and the Hapsburgs wanted control of Spain, and fought the War of Spanish Succession over it. What circumstances in that war could bring about the situation above? Is it even a possible settlement, or would each side want all of Spain as the prize?

If it were to succeed what are the long term effects of such an arrangement?
 
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