Answer:
A person's greatest asset.
One strand dangles. Two strands twist. Three or more can fashion this.
I am partially baked. I am not completely lit. I am a portion of the moon. I am lesser than full wit. I am a divider of the hour. I am not a total lie. I am a sibling through one parent.
Thanks for such treasures as Mariachis, enchiladas and habanero!
What hangs in the sky by day but at night goes away?
Two little holes in the side of a hill. Just as you come to the cherry-red mill.