Financial Incapacity
/[faɪˈnænʃəl ɪnˈkæpəsɪti]/
Definitions
- (n.) The legal condition wherein an individual lacks the financial ability to meet obligations or manage financial affairs, often relevant in bankruptcy, guardianship, or support cases.
The court determined his financial incapacity justified appointing a guardian to manage his assets.
Related terms
See also
Commentary
This term typically pertains to an inability to fulfill financial responsibilities, distinct from mental incapacity, and is crucial in considering legal protections or interventions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.