L 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 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. LEVERAGE FACTORS - considerations made by each parties pertaining to the issues that are being disputed. 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. LITIGATION - the process of fighting a legal dispute in the court system. 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). Return to the Dictionary Page

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