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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.

 

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.  All issues are resolved exactly the same as in a divorce, except that the parties are not returned to the status of single persons and remain legally married to one another.

 

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