9:32
[kevin oleary]
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LSDefine
Simple English definitions for legal terms
allowance
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A quick definition of allowance:
An allowance is a portion of money that is given to someone. It can be given regularly or as a one-time grant. For example, parents may give their children an allowance each week to teach them about money management. In some cases, the law may require an allowance to be given to a surviving spouse or children from a decedent's estate. An allowance can also refer to a discount given to customers who get their goods from a seller's warehouse.
A more thorough explanation:
Definition: A share or portion of money that is assigned or granted.
Examples:
- Allowance pendente lite: Temporary financial support given to a spouse during a divorce proceeding.
- Backhaul allowance: A discount given to customers who pick up goods from a seller's warehouse, reflecting the seller's savings on freight costs.
- Family allowance: A portion of a deceased person's estate set aside by law for their surviving spouse, children, or parents, regardless of any will or competing claims.
The examples illustrate how an allowance can be used in different contexts. In a divorce proceeding, one spouse may be granted temporary financial support to cover their expenses until the divorce is finalized. A backhaul allowance is a discount given to customers who pick up goods from a seller's warehouse, which helps the seller save on shipping costs. A family allowance is a portion of a deceased person's estate that is set aside by law for their surviving family members, regardless of any will or competing claims.