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 declaration by a court that the parties can live separate and apart even thought they are still married to each other.

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.

Limited Divorce: Establishes certain legal responsibilities while the parties are separated but does not end the marriage.

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).