The Property Separation Agreement is a crucial document used in Malaysian family law when married couples decide to separate their assets and property prior to or during divorce proceedings. This agreement is drafted in accordance with Malaysian legislation, particularly the Law Reform (Marriage and Divorce) Act 1976, the Married Women Act 1957, and the National Land Code 1965. It provides a comprehensive framework for dividing matrimonial assets, including real estate, personal property, financial accounts, and other valuable assets. The document can be used either as a standalone agreement during separation or as part of divorce proceedings, and it must comply with both federal and state laws, especially when dealing with land matters. The Property Separation Agreement is particularly important in Malaysia's multicultural context, where it may need to consider both civil and religious law requirements, depending on the parties involved.
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1. Parties: Identification and details of both parties entering into the agreement
2. Background: Context of the agreement, including marriage details and reason for separation
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Classification: Classification of properties as matrimonial assets, inherited property, or separate property
5. Division of Real Property: Terms and conditions for the division of real estate and land
6. Division of Personal Property: Terms for division of personal belongings, vehicles, and movable assets
7. Division of Financial Assets: Division of bank accounts, investments, and other financial instruments
8. Debts and Liabilities: Allocation of responsibility for existing debts and liabilities
9. Implementation: Procedures and timeline for implementing the property division
10. Tax Implications: Statement on tax responsibilities and implications of the property transfer
11. Dispute Resolution: Procedures for resolving any disputes arising from the agreement
12. Governing Law: Specification of Malaysian law as governing law and jurisdiction
13. Execution: Signature requirements and execution formalities
1. Business Interests: Division of business ownership and assets (included when parties have business interests)
2. Intellectual Property: Division of intellectual property rights (included when applicable)
3. Overseas Assets: Special provisions for assets located outside Malaysia (included for international property)
4. Future Property: Provisions for property acquired after separation but before divorce (if relevant)
5. Pension and Retirement Benefits: Division of retirement accounts and pension benefits (if applicable)
6. Maintenance Provisions: Financial maintenance terms (if being addressed alongside property division)
7. Religious Requirements: Special provisions according to religious law (for Muslim parties under Shariah law)
1. Schedule A - Real Property Inventory: Detailed list of all real estate properties with legal descriptions and agreed values
2. Schedule B - Personal Property Inventory: Comprehensive list of personal property items and their allocation
3. Schedule C - Financial Assets: List of all financial accounts, investments, and their agreed division
4. Schedule D - Vehicle Details: Details of all vehicles and their allocation between parties
5. Schedule E - Debt Schedule: List of all debts and liabilities with allocation details
6. Appendix 1 - Property Valuations: Professional valuations of major assets
7. Appendix 2 - Title Documents: Copies of relevant property title documents
8. Appendix 3 - Financial Statements: Relevant financial statements and account details
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