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Today's Terms
Divorce agreement
Definition:
A divorce agreement spells out the terms of the divorce and the relationship between the two spouses after the divorce. These agreements usually cover property division, child custody and child plans, debt division, spousal support, and any other relevant issues related to the divorce.
Age of Majority
Definition:
Attained upon one's eighteenth birthday. However, a child support order will remain in effect beyond attainment of eighteen as long as the child continuously attends an accredited high school on a full time basis, the child is determined to be mentally or physically disabled by the court, or both parents have agreed to continue support after the age of 18 and it is incorporated in a divorce decree.
Lump-Sum Alimony
Definition:
Lump-sum alimony or alimony in gross refers to alimony that is a fixed payment that generally will be made regardless of circumstances that would be a basis for termination of other types of alimony.
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