The seneca falls "declaration of sentiments" asserted that "woman is man's equal." in what ways would that change the status women held at that time?

This would change the status women held at that time.

Back then most people perceive that women are not capable in doing the job that men were able to do. So people expect the women to stay at home and taking care of the families.
 When the convention was held in New York in 1848 many women started to agreed with this notion and gained confidence to compete with men in other field outside the house.

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