How to Liquidate Assets During a Divorce
One of the major elements of most divorce cases involves the division of assets between the husband and wife. In some cases there is a need to liquidate assets to distribute the cash proceeds from the sale to each party in a divorce case. Although there are some minor variations from state to state, the standards and procedures to liquidate assets during a divorce strikingly are similar. Undertaking a liquidation of assets according to established court rules is necessary in order to complete your case in a timely manner and to avoid possible sanctions imposed by the judge.
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Instructions
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Itemize all assets that are to be liquidated. Smaller assets and property of a personal nature normally are not sold and are divided between the parties to a divorce.
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Hire an appraiser to value all personal property that is to be liquidated during the divorce. Keep in mind that you may need to hire more than one personal property appraiser. There are appraisers that specialize in particular areas---valuing jewelry, for example.
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Engage the services of a real estate appraiser to value any real estate owned by you and your spouse.
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Gather final reports from all appraisers who valued property owned by you and your spouse.
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File the appraisal reports with the clerk of the court to be included in your divorce case.
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Draft and file a motion with the clerk of the court seeking approval of the appraisal reports and to sell marital property. In some cases a court does not require this step. However, if you do not have prior permission from the court to proceed with the sale without further order of the court, make certain that you do prepare and file this motion.
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Commence the actual sales process. You can sell the property at auction, place the property on the open market or use a combination of both approaches. Of course, employ the tactic that will generate the best return.
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Tips & Warnings
The liquidation of assets during a divorce is potentially complicated. Indeed, a divorce case generally represents one of the most legally and emotionally challenging of all legal actions. You likely will be best served by retaining an experienced divorce attorney to represent you in your marriage termination.
