Cambridge Divorce & Family Law Lawyer, New York, page 2

A legal principle, followed by most states, under which assets and earnings acquired during marriage are divided equitably (fairly) at divorce. In theory, equitable means equal, but in practice it often means that the higher wage earner gets two-thirds to the lower wage earner's one-third. If a spouse obtains a fault divorce, the 'guilty' spouse may receive less than his equitable share upon divorce.

A corporation owned and operated by a few individuals, often members of the same family, rather than by public shareholders. State laws permit close corporations to function more informally than regular corporations. For example, shareholders can make decisions without holding meetings of the board of directors, and can fill vacancies on the board without a vote of the shareholders.

The situation that occurs in a marriage when one spouse refuses to live with the other and will not work toward reconciliation. In a number of states, irremediable breakdown is the accepted ground for a no-fault divorce. As a practical matter, courts seldom, if ever, inquire into whether the marriage has actually broken down, and routinely grant a divorce as long as the party seeking the divorce says the marriage has fallen apart. Compare incompatibility; irreconcilable differences.

A child born to your spouse before your marriage whom you have not legally adopted. If you adopt the child, he or she is legally treated just like a biological offspring. Under the Uniform Probate Code, followed in some states, a stepchild belongs in the same class as a biological child and will inherit property left 'to my children.' In other states, a stepchild is not treated like a biological child unless he or she can prove that the parental relationship was established when he or she was a minor and that adoption would have occurred but for some legal obstacle.

A situation in which the partners in a married couple live apart. Spouses are said to be living apart if they no longer reside in the same dwelling, even though they may continue their relationship. A legal separation results when the parties separate and a court rules on the division of property, such as alimony or child support -- but does not grant a divorce.

A legal relationship created by a court between a guardian and his ward--either a minor child or an incapacitated adult. The guardian has a legal right and duty to care for the ward. This may involve making personal decisions on his or her behalf, managing property or both. Guardianships of incapacitated adults are more typically called conservatorships .

A trust for children in which the trustee decides how to spend money on each child, taking money out of the trust to meet each child's specific needs. One important advantage of a pot trust over separate trusts is that it allows the trustee to provide for one child's unforeseen need, such as a medical emergency. But a pot trust can also make the trustee's life difficult by requiring choices about disbursing funds to the various children. A pot trust ends when the youngest child reaches a certain age, usually 18 or 21.

A term used by the Uniform Transfers to Minors Act for the person named to manage property left to a child under the terms of that Act. The custodian will manage the property if the gift giver dies before the child has reached the age specified by state law -- usually 21. When the child reaches the specified age, he will receive the property and the custodian will have no further role in its management.