Declaration of Jointly Acquired Asset
A declaration of a person made during his life time with respect to his property or benefit thereof, to be carried out for the purposes of charity or for any other purposes permissible by Islamic Law, after his death.
Characteristics of Declaration of Jointly Acquired Asset
- Immediate effect;
- To give more portions to husband or wife/ wives;
- Make it easier for distribution of assets between spouses.
Advantages to the Declaration of Jointly Acquired Asset
- 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.
Husband and wife can claim Declaration of Jointly Acquired Asset BUT:
- 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.
Conditions for Declaration of Jointly Acquired Asset
- Property acquired during a valid marriage;
- Property acquired not by way of inheritance or Hibah;
- Property jointly acquired by both parties.
