What is liquidating assets mean
The most common considerations include:—L A court may balance a small award of spousal and child support with a greater distribution of assets.
In some states, although not the law, a fair policy provides for one party to be awarded at least one-third of the assets accumulated during the marriage.
This is because they want to know what happens to their money and how much of it will be returned in the worst case scenario under a bankruptcy situation.
"It's much more important to negotiate than go to court.Whether they live in an equitable distribution or community property state, the parties can choose to negotiate their own property settlement that courts will honor.Their distribution agreement does not have to follow the laws of their state."For example, if the wife keeps a house with 0,000 equity, this asset generally has a gain exclusion," he said."If the husband keeps a 401(k) worth 0,000, he will sustain an unavoidable tax liability—one-third of it could go to taxes.