Which assets are most important?
As crucial as keeping the house may be to you, it is imperative that you take a step back and assess what your marital assets are really worth. While a house can have immeasurable emotional value, especially if you have kids, the house does not represent a liquid asset, and if you're going to depend on spousal and child support to meet the mortgage, you have to realize that these support payments will end one day. Bank accounts and retirement plans: these are liquid assets that you can quickly use to pay off emergency expenses or daily necessities.
The Importance of Liquid Assets in Your Divorce Settlement
Illiquid assets can leave you trapped in a tight spot. While it may only seem fair to give your ex a great deal in the retirement plans, brokerage accounts, etc. in order for you to keep the house, is it really worth it in the long run? The same goes for a business you own. If you keep the business in exchange for liquid assets, you might leave yourself illiquid.
Now, it might be worth it to hold onto the business you have poured yourself into. It would also be understandable for you to want your children to stay in their home, for as little to change in their lives as possible. Selling the house or business may not be worth it in your situation, but you need to ensure that you not left illiquid, or to be fair, that your spouse does not end up illiquid because of the settlement. The bottom line is, both parties in a divorce need to ensure that they end up with a share of the liquid assets.
In order to learn more about what truly equitable distribution means, do not hesitate to
speak to our Long Island divorce lawyer today. Learn more about your rights and how to prepare for the future when you work with the Meyers Law Group, P.C.