Alimony: Money paid to a party in a divorce to avoid any unfair economic consequences of Divorce
Annulment: Declares a Marriage invalid, as if it never happened
Assignee: The person that receives the Assigned property
Assignor: The person that Assigns or gives something of value
Bankruptcy: Stops Creditors from collecting. Gives you a new financial start. Can stop garnishments & foreclosure.
Beneficiary: A person or company lending money
Chapter 7 Bankruptcy: Releases debtor from all debts listed on the Bankruptcy
Chapter 13 Bankruptcy: Creates a repayment plan for a Debtor on a Bankruptcy
Child Support: Money paid from the non custodial parent to the custodial parent for expenses
Creditor: Person or company that is owed money
Custodial Parent: The parent that the children primarily live with
Custody: Legal right to have children live primarily in your home
Deed in Lieu: A deed from a borrower back to the bank to stop foreclosure
Divorce: Ending a marriage by a legal process
Debtor: Person or company that owes money
Defendant: Person being served Papers in a legal action or accused of a crime
Defense Attorney: Lawyer that defends against charges
Foreclosure: Legal proceeding where the Bank takes back the Real Estate Collateral due to none payment
Guardianship: Somebody who is legally entrusted to manage somebody else’s affairs, especially those of a minor
Lessee: Someone that pays to rent another person’s property
Lessor: Someone that allows another person to rent their land or home
Marriage: A contract between two people
Paternity: Determining who the father is for visitation and child support
Plaintiff: Person filing for Divorce or one that brings a legal action
Prosecuting Attorney: Attorney that presents a case against a person or company
Real Estate Transactions: When two people transfer property from one to the other for valuable consideration on Real Property.
REPC: Real Estate Purchase Contract used in Residenial Real Estate Transactions in Utah.
Short Sale: A sale of Real Estate for less than is owed to the lender. Must be negotiated and approved by the Bank. Very complicated.
Trustor: The person borrowing money on a Real Estate Transaction
Trustee: The Title Company or Attorney who releases the Real Estate loan when paid
Visitation: Time guaranteed with your children if you don’t have physical custody