- MEANING AND AIM OF SETTLEMENT OF PROPERTY
- PARTIES TO SETTLEMENT OF PROPERTY
- NATURE OF PROPERTY TO BE SETTLED
- TYPES OF SETTLEMENT
- RULES OF SETTLEMENT OF PROPERTY
- ENFORCEMENT OF ORDERS
Settlement of Property
Settlement of property refers to the arrangement made to distribute property, typically upon the dissolution of a marriage or relationship. This arrangement ensures that the interests of both parties and any children involved are adequately protected while the primary aim of the settlement of property is to provide a fair division of assets accumulated during the marriage or relationship. It seeks to ensure that both parties can maintain a standard of living post-separation and that dependents are adequately cared for. See the Matrimonial Causes Act, Cap M7, LFN 2004 which governs the settlement of property upon divorce, including sections on maintenance and distribution of assets and The Child Rights Act, 2003 which emphasizes the welfare of children in custody and property settlements. See also the case of Mojekwu v Mojekwu (1997) 7 NWLR (Pt. 512) 283 where the court addressed the distribution of family property and highlighted the importance of equitable settlement and also in the case of Akinbuwa v Akinbuwa (1998) 7 NWLR (Pt. 558) 354 where the court dealt with the principles guiding the division of matrimonial property.
Parties to Settlement of Property
The parties involved in the settlement of property are:
1.Spouses or Partners: The primary parties involved in the settlement are the husband and wife or partners in a cohabiting relationship.
2.Legal Representatives: Lawyers representing each party may negotiate terms on behalf of their clients.
3.Court: The judiciary plays a crucial role in ensuring that the settlement is fair and legally binding.
4.Children: While not directly negotiating, the interests of children from the marriage or relationship are a critical consideration.
Nature of Property to be Settled
The property to be settled includes:
1.Real Property: This includes land and buildings owned by either or both parties.
2.Personal Property: this includes movable items such as vehicles, furniture, and personal effects.
3.Financial Assets: this includes bank accounts, investments, shares, and other financial instruments.
4.Business Interests: this includes shares in a business, partnerships, or any other business assets.
5.Intangible Assets: this includes intellectual property, royalties, and other non-physical assets.
Types of Settlement
1.Lump-Sum Settlement: this is where one party receives a lump sum payment instead of ongoing payments.
2.Periodic Payments: this is where regular payments are made over a specified period.
3.Transfer of Property: this is where ownership of property is transferred from one party to another.
4.Trust Arrangements: this includes properties held in trust for the benefit of one party or children.
Rules of Settlement of Property
1.Fairness: this is where settlements should be equitable, taking into account the contributions of both parties.
2.Needs and Resources: This is where the court considers the needs, income, and resources of each party.
3.Welfare of Children: The best interests of any children are paramount.
4.Conduct of Parties: This is where the behavior of the parties during the marriage can influence the settlement.
5.Duration of Marriage: This is where the length of the marriage can also impact the settlement terms.
Enforcement of Orders
1.Court Orders: this is where settlements formalized by court orders are legally binding and enforceable.
2.Contempt of Court: this is where non-compliance with a court order can result in contempt proceedings.
3.Attachment of Earnings: This is where the court can order that payments be deducted directly from the paying party’s earnings.
4.Sale of Assets: This is where the court can order the sale of assets to meet the settlement terms.
5.Receivership: this happens in extreme cases, where the court may appoint a receiver to manage and distribute assets.
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