Assets Separation Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Assets Separation Agreement

I need an Assets Separation Agreement to formalize the division of jointly owned properties in Dubai and Abu Dhabi between two business partners, including three commercial buildings and associated rental income, with the separation to be completed by March 2025.

Document background
The Assets Separation Agreement serves as a crucial legal instrument in the UAE for parties seeking to formally divide and separate their shared assets. This document is particularly relevant in situations involving the dissolution of business partnerships, family asset divisions, or the separation of jointly held properties. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and other relevant legislation, while considering specific emirate-level requirements for property registration and transfer. The document typically includes detailed provisions for the division of real estate, personal property, financial assets, and business interests, accompanied by necessary valuations and supporting documentation. Its preparation requires careful consideration of UAE legal requirements, including potential Sharia law implications and local property registration procedures.
Suggested Sections

1. Parties: Identification and details of all parties to the agreement

2. Background: Context of the agreement, including the relationship between parties and reason for asset separation

3. Definitions: Definitions of key terms used throughout the agreement

4. Purpose and Scope: Clear statement of the agreement's purpose and what assets/matters are covered

5. Effective Date: Specification of when the agreement takes effect

6. Division of Real Property: Detailed provisions for the division of real estate assets

7. Division of Personal Property: Provisions for division of movable assets and personal belongings

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

9. Business Interests: Division of any shared business interests or commercial assets

10. Debts and Liabilities: Allocation of responsibility for existing debts and liabilities

11. Tax Considerations: Provisions relating to tax implications of the asset division

12. Implementation: Process and timeline for implementing the asset division

13. Governing Law: Specification of UAE law as governing law and relevant jurisdictional matters

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

15. Confidentiality: Provisions regarding confidentiality of the agreement and its terms

16. General Provisions: Standard contractual provisions including amendments, severability, and entire agreement

Optional Sections

1. Mutual Release: Release of future claims, used when parties want to include a complete settlement of all matters

2. Foreign Assets: Required when parties have assets located outside the UAE

3. Islamic Law Compliance: Specific provisions ensuring compliance with Sharia law, if requested by the parties

4. Future Asset Discovery: Provisions dealing with assets discovered after the agreement is executed

5. Professional Valuations: Section incorporating professional valuations of complex assets

6. Digital Assets: Provisions for division of digital assets and cryptocurrencies

7. Intellectual Property Rights: Required when parties have shared intellectual property

8. Property Management: Temporary arrangements for managing shared properties pending sale or transfer

Suggested Schedules

1. Schedule A - Real Property: Detailed list of all real estate assets with legal descriptions and agreed values

2. Schedule B - Personal Property: Inventory of personal property and belongings with agreed division

3. Schedule C - Financial Assets: List of all bank accounts, investments, and financial instruments

4. Schedule D - Business Interests: Details of business ownership and agreed division of business assets

5. Schedule E - Debts and Liabilities: Comprehensive list of all debts and liabilities with allocation

6. Schedule F - Implementation Timeline: Detailed timeline for implementing all aspects of the asset division

7. Appendix 1 - Property Valuations: Professional valuation reports for major assets

8. Appendix 2 - Title Documents: Copies of relevant title documents and ownership certificates

9. Appendix 3 - Corporate Documents: Relevant corporate documents for business interests

Authors

Alex Denne

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

Relevant Industries

Legal Services

Real Estate

Financial Services

Banking

Professional Services

Wealth Management

Family Office Services

Corporate Services

Property Management

Asset Management

Relevant Teams

Legal

Corporate Affairs

Compliance

Real Estate

Asset Management

Wealth Management

Risk Management

Property Administration

Document Management

Business Development

Advisory Services

Relevant Roles

Legal Counsel

Corporate Lawyer

Property Lawyer

Wealth Manager

Asset Manager

Real Estate Manager

Family Office Manager

Corporate Secretary

Compliance Officer

Legal Director

Property Registration Officer

Financial Advisor

Business Development Manager

Risk Manager

Partnership Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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