L - Online Divorce Dictionary
LACHES - a defense from a claimant who has waited too long to bring his or her claim to court, resulting in a refusal of the court to grant relief.
LATENT - concealed, hidden, such as a tax liability.
LAW GUARDIAN - an attorney that is typically assigned by the judge to represent the child or children in an intense custody battle.
LEASE - a written document in which the rights to use an occupancy of land or structures are transferred by the owner to another for a specific period of time in return for a specified rent.
LEASED FEE ESTATE - an ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others: usually consists of the right to receive rent and the right to repossession at the termination of the lease.
LEASEHOLD ESTATE - the right to use and occupy real estate for a stated term and under certain conditions: conveyed by a lease.
LEGAL ASSISTANT - a staff member in a law firm or office who performs certain tasks but does not have the training of a paralegal.
LEGAL CAPTION - identifies the type of court action, the title of the action, the docket number, the pleader and the parties.
LEGAL CAUSATION - a legal or moral duty due the claimant, which must be breached and is the cause of injury or damage he or she sustained.
LEGAL CUSTODY - the authority of one parent or both parents to make legal decisions regarding health, education and welfare of the child.
LEGAL SEPARATION - a legal lawsuit for support while the spouses are living separate and apart.
LETTERS OF CREDIT - a line of credit with a bank or financial institution.
LEVERAGE FACTORS - considerations made by each parties pertaining to the issues that are being disputed.
LIABILITY - being responsible for an act or a result, such as a debt.
LIABILITY INSURANCE - indemnification insurance that protects the insured from financial loss for his or her unintentional acts or actions.
LIEN - an encumbrance put on a property owned by a judgment debtor. It prevents the sale, transfer of title or refinancing of the property until the debt is satisfied.
LIQUIDATION VALUE - the price that an owner is compelled to accept when a property must be sold without reasonable market exposure.
LIS PENDENS - a Latin term meaning "a pending suit."
LITIGATION - the process of fighting a legal dispute in the court system.
LIVING WILL - an instrument setting forth a person’s wishes in regard to long-term medical care in the event of incapacitation.
LONG ARM - the means by which a court can get jurisdiction over someone who lives outside the jurisdiction in which the court is located.
LUMP - SUM ALIMONY - a spousal support that is ordered to be paid in a fixed amount. The completion of the payment may be made in installments. (see spousal support section).
LUMP-SUM SETTLEMENT - a one-time settlement as opposed to a series of payments over time, or an installment or structured settlement.
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