Legal Separation Financial Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Legal Separation Financial Agreement

"I need a Legal Separation Financial Agreement for a UAE-resident expatriate couple with substantial business assets, including a jointly-owned trading company and multiple properties in Dubai and Abu Dhabi, with the separation planned for March 2025."

Document background
The Legal Separation Financial Agreement is a crucial document used in the United Arab Emirates when married couples decide to legally separate but not immediately divorce. This agreement, governed by UAE Personal Status Law (Federal Law No. 28 of 2005) and related legislation, provides a comprehensive framework for managing financial matters during separation. It becomes necessary when couples need to formally document their financial arrangements, including asset division, maintenance payments, and ongoing financial obligations, while maintaining legal certainty under UAE jurisdiction. The document must comply with local legal requirements, including possible Sharia law considerations for Muslim couples and specific provisions for expatriates under UAE Federal Decree-Law No. 45 of 2021 for non-Muslim foreigners. It serves as a legally binding document that can be referenced and enforced by UAE courts if disputes arise.
Suggested Sections

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

2. Background: Brief history of the marriage, date of separation, reason for agreement, and current living arrangements

3. Definitions: Definitions of key terms used throughout the agreement, including assets, income, and other relevant terminology

4. Effective Date and Duration: Specification of when the agreement takes effect and its duration

5. Division of Assets: Detailed breakdown of how all joint and individual assets will be divided, including real estate, vehicles, investments, and personal property

6. Financial Obligations: Overview of ongoing financial obligations, including any maintenance payments, debt responsibilities, and shared expenses

7. Banking Arrangements: Details of separation of bank accounts, investment accounts, and other financial instruments

8. Tax Implications: Statement regarding tax responsibilities and implications of the asset division

9. Future Income: Agreement regarding future income, bonuses, and employment benefits

10. Dispute Resolution: Process for resolving any future disputes regarding the agreement

11. Governing Law: Confirmation that the agreement is governed by UAE law and relevant jurisdictional details

12. Execution: Signing requirements, witness details, and notarization provisions

Optional Sections

1. Children's Financial Provisions: Required if there are children - details of child maintenance, education costs, and other child-related financial arrangements

2. Business Interests: Required if either party owns business interests - details of business asset division or ongoing profit sharing

3. Pension and Retirement Benefits: Required if either party has pension or retirement benefits to be divided

4. Expatriate Considerations: Required for non-UAE nationals - specific provisions relating to international assets and cross-border enforcement

5. Religious Requirements: Required for Muslim couples - specific provisions ensuring compliance with Islamic principles

6. Property Sale Provisions: Required if joint property is to be sold - details of property sale arrangements and proceeds distribution

7. Insurance Policies: Required if there are joint insurance policies - arrangements for existing policies and future coverage

8. Inheritance Rights: Optional section addressing any agreed arrangements regarding future inheritance rights

Suggested Schedules

1. Schedule A - Asset Register: Comprehensive list of all assets owned by either party, including current valuations

2. Schedule B - Property Details: Detailed information about all real estate properties, including ownership documents and valuations

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

4. Schedule D - Personal Property Inventory: Detailed list of personal property and agreed division

5. Schedule E - Debt Schedule: List of all joint and individual debts and liabilities

6. Appendix 1 - Supporting Documents: Copies of relevant certificates, property documents, and financial statements

7. Appendix 2 - Valuation Reports: Professional valuations of significant assets

8. Appendix 3 - Payment Schedule: Detailed schedule of any periodic payments or financial transfers to be made

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

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