owelty

noun
ow·​el·​ty | \ ˈō-əl-tē\
plural owelties

Legal Definition of owelty

: a lien created or a pecuniary sum paid by order of the court to effect an equitable partition of property (as in divorce) when such a partition in kind would be impossible, impracticable, or prejudicial to one of the parties an owelty award

History and Etymology for owelty

Anglo-French oelté equality, from Latin aequalitat- aequalitas

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one from the Upper Peninsula of Michigan

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