‘Aqeeqah is a Sunnah – for a boy two sheep, and for a girl, one sheep. That is the Sunnah. It is to be slaughtered on the seventh day. There is no clear text regarding its distribution. So if it is distributed among the neighbours or the relatives it is allowed – so he eats some of it, invites the neighbour or some of the neighbours, and gives some of it to the poor – all of it is permissible, and there is allowance in the matter. Some of the scholars have made the division like the udhiyyah (the ‘Eid sacrifice), that a third is eaten by the family, a third is given in charity and a third is gifted to people. However, there is no evidence for this. So what is better is that the family should eat from it, give some away as charity and gift some (to friends, relatives and neighbours). There is no fixed division, and all praise is for Allah.
When is the first day and seventh day?
The day is measured from the day of the birth of the baby. If it was born on Monday morning, or Monday at ‘Asr time or at Dhuhr, then Monday is the first day. If the baby was born on Sunday after Maghrib  (after the sun has set), then likewise the first day is taken as Monday. So when the seventh day arrives which would be the following Sunday, then it is named and ‘aqeeqah is performed. So the intent is that the first day is counted as the day on which the child was born – so if was born at ‘Asr time, then that is the first day.
 I have used Western terminology to keep things simple. In the Western way of measuring days, Sunday night comes after the day of Sunday. In Arabic, however, after Maghrib on Sunday is considered as the night of Monday, i.e. beginning of the next day. That is because, in Arabic, the night comes before the day.
Abu Khadeejah (2022)