Division of common money
We often come across disputes between heirs over properties owned jointly between them, whether they are houses, agricultural lands, or estates owned jointly by the heirs, and each heir
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About the legal consulting service for managing funds, assets, private wealth, inheritances, and family companies
Managing finances, assets, private wealth, and family businesses presents unique challenges as it requires a delicate balance between family needs and common interests. Therefore, Al Dhaheri & Associates Law Firm offers innovative solutions for management through the following:
Frequently asked questions about managing money, assets, private wealth, estates, and family businesses
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What is the final partition of common property?
The final partition of common property refers to its division in such a way that an “apportioned” part of this property is allocated to each partner according to his share to become the sole owner of it, without the other partners in the common property. Thus, the final partition, according to this definition, is the legal means that ends the state of co-ownership by subdividing the property according to pre-defined and known proportions based on the source of the co-ownership (“inheritance, which is the most common situation - purchase - gift”). The final partition, as it involves the division of the common property so that each partner is specialized with an “apportioned” part, may be done amicably, that is, by mutual agreement, or it may take place through the judiciary. Thus, the final partition is also divided into two types (amicable partition - judicial partition).
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What is the adapter division?
The adapter division is a division that is considered a division of use, not of ownership. It might be temporal, meaning the partners agree to alternate the use of the entire common property, each for a period proportional to their share, or spatial, where the partners agree that each would exclusively benefit from a specific, delineated part equivalent to his common share. The situation varies depending on the type of property being divided and its suitability for being enjoyed over time and space.
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What is a claim for yield?
Yield is defined as whatever a thing produces from a renewable output. The output may be natural, like crops that grow out of the earth by themselves, industrial such as the harvest that results from the work of nature and humans, or civil, such as the rent of lands and houses.
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What are Family Businesses?
The Family Business Law came into effect in January 2023, aiming to provide the necessary legal framework to ensure the growth of family businesses, diversify their activities, and facilitate their generational transition, guaranteeing their continuity through well-studied mechanisms and procedures.
A company is considered a family business, regardless of its legal form, if any of the following conditions apply:
1. The entire capital of the company is owned by members of the same family.
2. Members of the same family own a company that is entirely owned by several legal entities, which are fully owned by these family members.
3. The founder individually owns a sole proprietorship company, dedicating all or some of its benefits to the interest of their family members.
4. The family owns the majority of the company’s capital or retains the majority of voting rights if external partners are introduced, within the limits prescribed by law.
5. The family business allocates part of its profits for the benefit of its beneficiaries, as determined by the founders or the company’s by laws.
For inquiries about converting a company into a family business, how to benefit from the Family Business Law, learning about the family charter, or understanding the Family Business Dispute Resolution Committee, contact us.
For more information about our legal services, do not hesitate to contact our team of skilled lawyers and legal consultants specializing in all areas of law and litigation in the United Arab Emirates or visit us at one of our branches in the cities of Al Ain and Abu Dhabi.
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