Desperately need answer on stock liquidation!
I am in the final stages of my divorce, with the decree being routed between parties for approval. I anticipate that this should all be wrapped up within the next couple of weeks. (By the way, I live in Texas, which is a community property state.)
Terms of our mediation agreement spell out that my ex-husband will liquidate two accounts - one at Merrill Lynch and one at Prudential. Here is the language in the decree:
Wife awarded: 100% of Merrill Lynch of plus or minus $****** (fluctuates) and husband allowed to sell stock in account and husband may have benefit of losses for tax purposes, but wife awarded 100% of account plus or minus $****** (basis is higher). [Same language for Prudential account.]
(Finally), here's my question: My ex will put in an order to the brokers to liquidate these accounts. I assume that this is NOT an uncommon request, and that brokerage firms have very strict regulations on how they go about doing this. BUT, I am not certain, and keep having thoughts of "what if the brokers liquidate these accounts in small 'chunks', over a period of time, accruing for themselves substantial fees and reducing the amount that I end up with in the end???" Can they do such a thing? Am I pretty much at the mercy of the brokers as to how they go about liquidating?
Please ... if anyone can help me understand how this is done, I would be SO appreciative. I have an appointment scheduled with my attorney to discuss this matter, but couldn't see him until next week and I'm afraid I'm going to spend my weekend tied up in knots, worrying over this.