Defense attorney, also known as a defense lawyer, is an attorney representing a defendant in a lawsuit or criminal prosecution. Attorneys representing a defendant in a criminal case are formally referred to as “criminal defense attorneys.” In both civil and criminal cases, a defense attorney represents the defendant in court.
Deferred compensation is a type of employee compensation like a pension plan where the employee receives part of their compensation at retirement, often in order to avoid taxes. Other compensation plans would incur taxes as the employee receives them.
[Last reviewed in July of 2021 by the Wex Definitions Team]
Deficiency as a term that usually refers to any debt remaining after a creditor sells assets securing a loan. For example, if a bank foreclosed on a house for $500,000 but the debt owed is $550,000, the deficiency would be $50,000.
A defined benefit plan is a type of employee sponsored retirement plan where the amount an employee will receive is fixed. When retired, the employee will receive the same periodic amount of money agreed upon with the employer unlike plans that vary based on the amount the employee contributes.
Defined contribution plans are a type of retirement plan where the employee and sometimes the employer contribute to a retirement account that is put towards some investment.
Degree of kin refers to the closeness of a family member to another family member. This degree becomes important when a person dies intestate because states allocate estate assets based upon the degree of kin. In most states, spouses and children take first, but after that, the estate flows to the next closest level of kin such as parents and siblings.
Delayed exchange is a type 1031 exchange where the property exchange takes place through an intermediary. Unlike a basic 1031 exchange where one property is swapped for another, a property owner will give the property to an intermediary to sell, and the owner has 45 days to designate at least one property to exchange the sold property for. Afterwards, the intermediary must close on at least one of those properties within 180 days and give any remaining money back to the owner.
