The Property Separation Agreement is a crucial document used in the UAE when two or more parties need to formally divide and allocate property interests. It is particularly relevant in cases of divorce, business dissolution, or family property division. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and related property legislation, while also considering Sharia law principles where applicable. This document typically includes comprehensive details about real estate holdings, movable assets, financial accounts, and liabilities, along with specific procedures for their division and transfer. The Property Separation Agreement must be properly executed and registered with relevant UAE authorities, particularly when dealing with real estate assets. It serves as a legally binding document that can be enforced through UAE courts and provides clarity and certainty for all parties involved in the property division process.
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1. Parties: Identification of all parties to the agreement, including full legal names, Emirates ID numbers, and addresses
2. Background: Context of the separation, reference to any existing marriage or divorce proceedings, and general purpose of the agreement
3. Definitions: Detailed definitions of key terms used throughout the agreement, including property classifications under UAE law
4. Property Division Overview: General principles and approach to the division of property agreed between the parties
5. Real Estate Property: Detailed provisions regarding the division of real estate properties, including specific requirements for transfer under UAE law
6. Movable Property: Division of movable assets including vehicles, furniture, jewelry, and personal effects
7. Financial Assets: Division of bank accounts, investments, and other financial instruments
8. Debts and Liabilities: Allocation of existing debts and ongoing financial obligations
9. Implementation: Specific steps and timeline for implementing the property division
10. Tax and Costs: Allocation of transfer fees, registration costs, and any applicable taxes
11. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction of UAE courts
12. Execution: Signature requirements and execution formalities under UAE law
1. Business Interests: Section dealing with division of business assets and shares - required if either party owns business interests
2. Intellectual Property: Division of intellectual property rights - needed if parties own joint IP assets
3. International Assets: Provisions for assets located outside the UAE - required for international property holdings
4. Islamic Law Compliance: Specific provisions ensuring compliance with Islamic law - required if either party requests Sharia law consideration
5. Future Property Rights: Provisions regarding future acquired property - optional but recommended for complete separation
6. Dispute Resolution: Alternative dispute resolution mechanisms - optional alternative to court jurisdiction
7. Confidentiality: Provisions regarding confidentiality of agreement terms - recommended for high-net-worth individuals
1. Schedule 1 - Real Estate Properties: Detailed list of all real estate properties with legal descriptions and title details
2. Schedule 2 - Movable Assets: Comprehensive inventory of movable assets being divided
3. Schedule 3 - Financial Accounts: List of all bank accounts, investments, and financial instruments
4. Schedule 4 - Outstanding Debts: Detail of all debts and liabilities being allocated
5. Schedule 5 - Implementation Timeline: Detailed timeline for property transfers and implementation steps
6. Appendix A - Property Valuations: Independent valuations of major assets
7. Appendix B - Required Transfer Documents: Templates or copies of necessary transfer documents for UAE authorities
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