Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

• Marital deduction: deduction allowed by federal estate tax law for all property which passes to a surviving spouse, irrespective of the amount, free of tax.
  
  
• Marital Exemption: Gifts between spouses are exempt from gift tax. However, the marital deduction does not apply to gifts from a citizen spouse to a non-citizen spouse.
  
  
• Marital Settlement Agreement: a written document that outlines the financial, support, and custody arrangements which is signed by both parties and approved by the court.
  
  
• Maritable Exemption: All property left by a deceased spouse to a surviving spouse is exempt from tax.
  
  
• Marriage: legal union between two adults
  
  
• Mediation*: intervention between conflicting parties to promote reconciliation, settlement, or Compromise. Divorce Mediation and Custody Mediation are a way to resolve your divorce or custody dispute which lets you keep full control of the outcome. The only people making decisions are those involved in the dispute, unlike arbitration or litigation where a judge or an arbitrator makes the final decision.
  
  
• Mediator: a third party negotiator who acts as a link between parties who reconciles disputes. Divorce Mediation and custody mediation typically consist of several joint meetings between spouses (or parents, if you are not married) which last 3-4 hours each. During those meetings, you and your spouse discuss the issues which need to be resolved in your case. The mediator is there to facilitate the discussion, assist with communication, provide information and suggestions, and use specialized training to assist the two of you to resolve your differences and write up an agreement which is fair to both of you, and, if you have children, in their best interests as well.
  
  
• Minor: person under the age of 18 years.
  
  
• Mortgage: security instrument which is recorded on the land records to prove the security for the repayment of a debt, typically against real property.