Bank Muamalat Malaysia Berhad » Declaration of Jointly Acquired Asset

Declaration of Jointly Acquired Asset

Declaration of Jointly Acquired Asset is property jointly acquired by husband and wife during the subsistence of a valid marriage. Both parties must contribute directly or indirectly towards its acquisition.

  • Immediate effect;
  • To give more portions to husband or wife/ wives;
  • Make it easier for distribution of assets between spouses.
  • All parties (husband & wife/wives) can decide and agree on quantum of distribution;
  • Protect the rights of the husband and wife/ wives;
  • Expedite distribution process;
  • Save time and cost;
  • Declaration records agreement between parties.
  • The legal process is long and tedious;
  • Contributions need to be proven;
  • The allocation is made in accordance with the court’s decision;
  • Dispute;
  • High cost involved.
  • Property acquired during a valid marriage;
  • Property acquired not by way of inheritance or Hibah;
  • Property jointly acquired by both parties.

PAPB (Malay)

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