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Separation Of Assets Agreement

Separation Of Assets Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Separation Of Assets Agreement

"I need a Separation of Assets Agreement for a married couple where one spouse owns multiple businesses in the UAE and Dubai free zones, and the other spouse has significant international real estate holdings, with the agreement to be executed by March 2025."

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Document background
The Separation Of Assets Agreement is a crucial legal document used in the United Arab Emirates to establish clear boundaries of asset ownership between spouses. It is particularly relevant in cases where parties wish to maintain separate ownership of their assets during marriage, protect business interests, or clearly delineate property rights. The agreement is designed to comply with UAE Federal Law No. 28 of 2005 and subsequent amendments, including the 2020 provisions for non-Muslim couples. It covers various types of assets including real estate, financial investments, business interests, and personal property, providing detailed schedules of ownership and mechanisms for managing future acquisitions. The document is especially important in the UAE context where business ownership, property rights, and personal status matters intersect with both civil and Sharia law principles.
Suggested Sections

1. Parties: Identification of both parties, including full legal names, Emirates ID numbers, and current addresses

2. Background: Context of the agreement, including marriage date, reason for separation of assets, and confirmation that both parties enter the agreement voluntarily

3. Definitions: Definitions of key terms used throughout the agreement, including types of assets, valuation dates, and relevant legal concepts

4. Purpose and Scope: Clear statement of the agreement's purpose and scope, including its binding nature and enforceability

5. Separate Property Declaration: Declaration that specified assets are separate property of each party, including pre-marriage assets and inherited property

6. Division of Real Estate: Detailed provisions for the division or separation of real estate properties, including registration requirements

7. Division of Financial Assets: Provisions for separation of bank accounts, investments, and other financial instruments

8. Business Interests: Separation of business ownership, shares, and commercial interests

9. Personal Property: Division of personal property, vehicles, jewelry, and household items

10. Future Assets: Treatment of assets acquired after the agreement's execution

11. Debts and Liabilities: Allocation of existing debts and future financial responsibilities

12. Tax Implications: Acknowledgment and handling of any tax consequences from the asset separation

13. Dispute Resolution: Procedures for resolving any disputes arising from the agreement

14. Governing Law: Specification of UAE law as governing law and relevant jurisdiction

15. Amendment and Termination: Conditions and procedures for modifying or terminating the agreement

16. Execution: Signature requirements and witness provisions

Optional Sections

1. International Assets: Required when either party owns assets in other countries, addressing cross-border ownership and jurisdiction issues

2. Intellectual Property Rights: Needed when separating intellectual property assets, patents, or creative works

3. Family Business Provisions: Required when family businesses or inherited business interests are involved

4. Trust Arrangements: Necessary when either party has trust interests or when creating trusts as part of the separation

5. Islamic Law Compliance: Required for Muslim couples ensuring compliance with Sharia principles

6. Children's Trust Funds: Needed when there are existing or planned trust funds for children

7. Digital Assets: Required when cryptocurrency, NFTs, or other digital assets need to be separated

8. Precious Collections: Needed for valuable collections of art, antiques, or other collectibles

9. Future Inheritance: Required when addressing expected future inheritances that should remain separate property

Suggested Schedules

1. Schedule A - Real Estate Properties: Detailed list of all real estate properties with legal descriptions, titles, and ownership allocation

2. Schedule B - Financial Assets: Comprehensive list of bank accounts, investments, and financial instruments with account details

3. Schedule C - Business Interests: Detailed description of business ownership, shares, and commercial interests

4. Schedule D - Personal Property: Itemized list of significant personal property items and their allocated ownership

5. Schedule E - Debts and Liabilities: List of all debts, loans, and financial obligations with allocation details

6. Schedule F - Valuation Reports: Professional valuations of significant assets including properties and businesses

7. Appendix 1 - Property Documents: Copies of property titles, deeds, and registration documents

8. Appendix 2 - Financial Statements: Recent financial statements, account statements, and investment portfolios

9. Appendix 3 - Business Documents: Business ownership certificates, share certificates, and corporate documents

10. Appendix 4 - Legal Opinions: Any relevant legal opinions or certifications regarding asset ownership or division

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






















































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Family Law Attorney

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