Should you fail to mask off the molding before you paint your walls, your cleanup will entail removing paint from the molding. Latex wall paint is easier to wipe off if it is wet than once it dries, but it is possible to remove even fully healed paint if you use the proper solvent.
Wipe It Away
The ideal time to remove latex paint from any surface is while it is still moist. Dampen a rag and then wipe off the paint, turn the rag over and rub vigorously to eliminate the residue. This technique generally works for bigger splatters that are less than a day old since the paint has not had time to cure, and it also usually eliminates microscopic splatter marks, no matter how old they are.
Use Soap or even a Solvent
When the paint has hardened, you need to use a solvent to soften it. Soap and water, accompanied by the abrasive action of a kitchen scrubber, often work. If not, use denatured alcohol; it softens latex paint without harming clear varnish or lacquer finishes. Dab it onto the paint spot with a cotton swab; make it easy to work for approximately five minutes, wipe the latex paint off with a rag.