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Simple English definitions for legal terms
Owelty
Read a random definition: remainder bequest
A quick definition of Owelty:
Term: Owelty
Definition: Owelty is a charge that makes sure everyone gets a fair share of property. Sometimes, when people own property together, it's hard to split it up into equal parts. Owelty is the money one person pays to the other person to make up for the difference in value. It's like sharing a pizza and making sure everyone gets the same amount of toppings.
A more thorough explanation:
Definition: Owelty is a charge that equalizes the value of real estate when it cannot be divided into equal parts. It is the amount paid to another party to make up for the difference in value so that each party receives an equal share of the property.
For example, if two siblings inherit a piece of land and one part of the land has a higher value due to its location or resources, they may decide to sell the land and split the proceeds. However, if they cannot agree on how to divide the land equally, they may use owelty to compensate for the difference in value.
Another example is when a married couple divorces and they own a property together. If the property cannot be divided into equal parts, one spouse may pay owelty to the other to make up for the difference in value.
These examples illustrate how owelty is used to ensure that each party receives an equal share of the property, even when it cannot be divided equally.