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.