How to Liquidate Assets for Divorce in Georgia

Dividing assets is a primary element in a divorce

Georgia is an equitable division state when it comes to marital assets. Property acquired during the marriage should be divided equally. If a divorcing couple has difficulty deciding how to divide the marital assets equally, it may be wise to liquidate the assets to make the division easier. In some cases, the court may require you to liquidate the assets before the divorce can be finalized. Whatever the situation, liquidating assets can make the complex process a bit easier.

Instructions

1. Decide which assets will need to be liquidated. In most cases, smaller assets and personal property is not liquidated. Take photographs, write down serial numbers, and provide a brief descriptive statement of the condition of each asset for your records. You may need this later when filing taxes.

2. Determine the liquidation value of the assets. The liquidation value is generally at least 20 percent less than the retail value. You will need to hire a qualified appraiser to establish the appropriate value of assets. Obtain a written appraisal. Use your written appraisal as a guideline for determining the sale price of each asset.

3. Form an agreement with your spouse. You and your spouse will need to write an agreement stating which assets will be sold and how the proceeds will be distributed. Both of you will need to sign and notarize the document. The court will need to see that both parties mutually agreed to liquidate the assets and agree with the division.

4. Choose a method to sell your assets. Some couples prefer to hire an auctioneer to quickly liquidate an entire estate. Others may prefer to sell the assets privately. If liquidating a house, you may want to hire a real estate agent to assist with selling your home. If you are selling a vehicle or appliances, try posting an ad online or in your local newspaper.

5. Establish a separate account. Place the proceeds from the sale of assets in the account. You will need to wait until your divorce hearing before withdrawing money from the account.

References

• Divorce Support: Liquidation Value and Professional Practices
• Financial Web: Divorce Dividing Assets Quickly and Painlessly
• Divorce Net: Equitable Division of Marital Property

Resources

• Divorce Source: Georgia