I have a can of latex paint that wasn't stored very well and is now a few years old. There is a clear-yellow liquid on top and a rubbery solid on the bottom. My understanding is this is the pigment separating from the solvent, but I'm not an expert. This is my reference;

https://paintsgeek.com/paint-separated-in-can-is-it-still-usable/

I am aware of the the various ways to dispose of latex paint by hardening it with sawdust, cat litter, newspaper, or other retail product and letting it dry. But I'm not sure what to do when the paint has separated and can't be re-mixed? Is there a way I can dispose of the liquid in the trash--perhaps some chemical to neutralize it--or will that need taken to the dump as toxic?