Family Mediation Service

Peace Talks Glossary

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Encumbrances

Debt or liens against property. For example, when property is used as collateral for payment of a debt, such as a mortgage, the property is said to be encumbered. The mortgage is an encumbrance.

End marriage

Marriages may end in separation, Legal Separation, or divorce.

Equity value of property less all debt owed (encumbrances).

Equitable distribution

The division of the marital assets acquired during a marriage, including marital debts according to what the court feels is fair under the circumstances.

Escheat

Property which goes to the state government because no one can lay legal claim to it.

Estate

The total value (market price of your property minus anything you owe on it) of all the property you own at your death.

Estate planning

Planning how your property will pass to your intended recipients upon your death.

Estate Taxes

Taxes assessed on the property of a deceased person. Death taxes are called estate taxes for Federal tax purposes. Also referred to as Inheritance Taxes.

Executor

Person named in your will who will manage your estate, deal with the probate court and distribute your assets.

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