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20 Cards in this Set
- Front
- Back
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prenuptial contract
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Aggreement signed before marriage detailing how a divorce will be conducted.
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Annulment
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Legal process that, if successful, will treat the marriage as if it never happened.
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Separation
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Legal agreement where the spouses will remain apart from one and another, but are not yet divorced.
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Decree
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Judgment by the court that grants a divorce.
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Respondent
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Party in a divorce proceeding that answers the petitioner.
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Legal Custody
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The spouse (s) who have this make all of big decision for a child ( where to go to school, medical decisions, etc)
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Physical Custody
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Spouse that the children will live with after a divorce has this.
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Child support
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Money paid by the nocustodial parent for the care of the children.
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Spousal maintenance
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Money paid from a husband or wife to the other related to the divorce, formerly called alimony.
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Petitioner
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The one who present a petition to the court.
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Sole proprietorship
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Business oved by one person with unlimited liability.
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Closely held corporation
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Corporatation owned by a small number of individuals.
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Directors
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Provide guidance for a corporation.
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Officers
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Run the day to day operations of a corporation.
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Stock
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Denotes overnership of a corporation.
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Domestic Corporation
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Corporation operating in the state where it was formed.
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Homestead exemption
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Allows a debtor to keep their house.
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Chapter 7
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A proceeding designed to ligquidate a debtor's property, pay off creditors, and discharge the debtor from most debts.
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Chapter 11
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A method for businesses to reorganized their financial affairs while continuing to operate their farms.
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Chapter 13
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A method by which an individual with regular income can pay his or her debts from future income over an exteded period of time.
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