In the name of Allah,
It is permitted for a discerning woman to do whatever she wants with her money, regardless she is a virgin or not, single or married, and whether she is dealing with a third or more of her wealth. Majority: Hanafis, Shafi’is, and Hanbalis have this view.
No companion of the Prophet (peace be upon him) can be directly connected to holding the belief that a wife cannot spend her own wealth without her husband’s consent. First-known scholar Tawus adopted this idea. Al-Laith ibn Saad says a woman can only spend an insignificant amount of her own money without her husband’s agreement[i].
Imam Malik restricted a third of her property. That is, Imam Malik (R) allows women to spend up to a third of their income, the same as the will. Amongst the modern scholars, Imam Albani (R) supported the view that it is not permissible for her to spend her wealth except with her husband’s permission.
If the wife meant to hurt her husband, Malik (R) said she could get back any money she spent on her parents which was more than one-third of her wealth. According to Ibn Al-Qasim, the one-third rule is irrelevant to spending on parents, even if the aim is to hurt him[ii].
A number of hadith support the idea that wives cannot spend their own earnings without their husband’s approval. Five are noteworthy but highly debated. Out of all five, the most authentic hadith is:
‘It is also reported from ‘Amr ibn Shu’aib on the authority of his father from his grandfather that the Messenger of Allah (peace be upon him) said, “It is not permissible for a woman to present a gift except with the permission of her husband.” (This was recorded by Ahmad, Abu Dawud, al-Nasa`i, and al-Baihaqi.)
This hadith is interpreted by scholars to either mean that it solely recommends that a woman seek her husband’s permission or that it refers to a mentally ill woman.
Moreover, the majority based their opinion on several verses of the Quran, including,
’’ If then you find them of sound judgment, release their properties to them’’ [4:6].
This implies that discerning women are not prevented. According to an authenticated Hadith, the Prophet (peace be upon him) advised women to freely donate their jewelry, and he accepted their donations without requiring any specifics[iii].
References:
[i] The Fiqh of the Family, Marriage and Divorce, Jamaal al-Din M. Zarabozo, page 227
[ii] Dr. Wahbah Al-Zuhaylis, Al-Fiqh Al-Islami wa Adillatuh, (Islamic Jurisprudence and Its Proofs), Financial Transactions in Islamic Jurisprudence, Volume 2, Page 381
[iii] Muslim 885