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LSDefine

Simple English definitions for legal terms

asset

Read a random definition: nauta

A quick definition of asset:

An asset is something valuable that belongs to a person or a group. It can be a physical thing like a house or a car, or something you can't touch like a patent. When people get divorced, they have to divide their assets and debts. In finance, assets are important because they help determine how much money a company can borrow and how much it's worth.

A more thorough explanation:

An asset is something that has value and is owned by an individual or organization. It can be a physical object like a building or an intangible object like a patent. Assets are important in many areas of law and finance.

  • In family law, marital assets are resources that were acquired during the marriage. These assets are divided between the spouses in a divorce settlement.
  • In child support cases, the non-custodial parent's assets are taken into account when determining the amount of child support to be paid.
  • In finance and corporate law, assets are used to determine the value of an organization. This affects the amount of debt the organization can receive, the interest rates on that debt, and the organization's tax obligations.

These examples illustrate how assets can be used in different contexts. In family law, assets are divided between spouses in a divorce settlement. In child support cases, assets are used to determine the amount of support to be paid. In finance and corporate law, assets are used to determine the value of an organization and its financial obligations.

assessor's parcel number | asset purchase agreement

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soyalmondoatmilk
15:59
that's so fair. i love their roasted sweet potatoes and spicy cashew dressing--highly recommend
babycat
16:00
@shaquilleoatmeal: I’ll stop by just for you. I gotta grind out some of my last essays tn.
shaquilleoatmeal
16:02
@soyalmondoatmilk: im weak af, can't handle that spicy cashew lmao
shaquilleoatmeal
16:03
@babycat: 😘 see you in a bit, grind out those essays before you hop back on
shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
thank you!!
babycat
16:16
@jackfrost11770: personally I would submit an updated resume reflecting the new position instead of a paragraph but idk what SOP is
getting a bacon egg and cheese in celebration
1a2b3c4d26z
16:18
lfg baby you earned that
babycat
16:20
also congrats!! big win
initiallaw
16:23
congrats!!
:D
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