How to liquidate assets during a divorce ?
When you are seeking a divorce, there are many issues. These are regarding children, emotional issues and financial issues. Financial issues during divorce include child support, alimony, division of assets during divorce, Liquidate assets during a divorce, etc.
Division of assets may occur in one or two ways. The spouses may negotiate a financial settlement which may include division of assets. In some cases the judge may issue an order dividing the assets between the spouses. Many a times liquidation of specific property is necessary to allow for a division of the cash proceeds from a sale.
Steps to Liquidate assets
- Calculate the assets of the marriage and their value before you take any decision to sell assets. You should calculate the combined value of all the property owned. You should determine the total value to be attributed to each party to the divorce. Make a final list of assets to be sold. It is better if you consult your spouse while you make the list of things to be sold. This helps in reducing tensions between the two and helps in smoother division of assets.
- Make a written agreement with your spouse regarding the sale of assets and how it will take place. This agreement need not be complicated and may contain about the agreement that u two have reached an agreement about the sale of certain things. Also make a note that the proceeds of the sale to be divided between you and your spouse as per the agreement reached by you people.
- It is always better to sell the assets in open market or through auction provided you both agree to it.
- Make a separate account for the proceeds of the assets. Also, prepare an account of how much was obtained from each single asset. It may be helpful if your divorce judge desires to review this information later.
Court order sale of assets:
- Prepare a motion to liquidate or sell all assets. The clerk of the court has forms or samples of motions that can be used to develop your own motion.
- List the assets to be sold and make a note that the proceeds are to be divided between the two of you to further order of the court.
- Deliver a copy of the motion to liquidate assets to your spouse and file a motion with the court clerk.
- Get the date and time for a hearing on your motion to liquidate assets from either the clerk or the administrative assistant of the judge that is presiding your case.
- Provide your spouse the date and time of the hearing and attend the hearing.
- Present the evidence and argument in support of the sale of assets and obtain a court order approving liquidation of the assets.
- Sell the assets and place the proceeds in a special bank account. Make a full accounting of the sale and file it with the court in your divorce case.
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