Liquid maybe, but a mug will take only half (6)
I believe the answer is:
assets
'liquid maybe' is the definition.
I can't tell whether this defines the answer.
'a mug will take only half' is the wordplay.
'a mug' becomes 'ass' (I've seen this before).
'will take' says to put letters next to each other.
'only half' becomes 'ets' (I can't justify this - if you can you should believe this answer much more).
'ass'+'ets'='ASSETS'
'but' is the link.
Can you help me to learn more?
(Other definitions for assets that I've seen before include "property worth having" , "Useful or valuable things" , "(Person's) property" , "Valuable property" , "Property owned by person or business" .)