Division of Property: How Assets & Liabilities Are Divided in New Mexico Divorce
How Assets & Liabilities Are Divided in New Mexico Divorce
Dividing marital property is a central part of divorce in New Mexico. If divorcing spouses can agree on how to divide their marital property, the family court1 will usually uphold the agreement, formalizing it as part of the final divorce decree.
When spouses disagree on how to divide their marital property, the court will get involved and make a final ruling to resolve the dispute.
At Sutherland Law Firm, LLC, our Albuquerque divorce attorneys have extensive experience protecting clients’ interests when it’s time to divide the marital property in a divorce. Skilled, insightful, and diligent, our lawyers can help you successfully navigate the complex process of dividing property in a divorce, effectively advocating and advancing your interests throughout the process.
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What Is Marital Property versus Separate Property?
Marital property – or community property – is any property either spouse acquired during the marriage, from the date of the marriage through the date of separation. This includes both assets and debts/liabilities, as well as property in and outside of New Mexico.
Separate property is any property either spouse acquired before the marriage or after the date of separation. Separate property can also include any property that:
- A court has specifically designated as separate.
- A spouse acquired as a gift or inheritance, regardless of whether this was during the course of the marriage.
- A valid prenuptial or post-nuptial agreement has specified as remaining separate property.
How the Family Court Divides Community Property in Divorce
When the court steps in to resolve disputes regarding the division of community property, it will:
- Determine what constitutes the marital property versus the separate property – This can be complicated when marital assets are allegedly hidden when there are disputes regarding the validity of a prenuptial agreement and/or when separate property has been commingled with community property.
- Classify the marital assets versus the marital liabilities – While assets can include items like homes, vehicles, savings accounts, and business interests, liabilities may include joint credit card debt, mortgage debt, and tax debt.
- Determine the value of the assets and debts – This can require gathering paperwork like deeds and titles, bank statements, tax returns, credit card statements, and loan statements. It can also involve getting the property appraised.
- Distribute the assets and debts equally – New Mexico is a community property state. This means that the court will figure out how to split the marital property 50-50 between the divorcing spouses, regardless of whether one spouse’s transgressions or wrongdoing contributed to the end of the marriage.
Given how complicated it can be to divide the community property – and how much may be on the line, it’s crucial to retain an Albuquerque divorce attorney at Sutherland Law Firm, LLC who can:
- Prepare and/or review agreements regarding the division of the community property
- Help you understand the implications of fighting for various assets
- Help you establish or refute the validity of a prenuptial or postnuptial agreement
- Represent you in mediation and/or any court proceedings related to dividing your community property.
Get Experienced Help Protecting Your Interests: Contact an Albuquerque Divorce Lawyer at Sutherland Law Firm, LLC
An Albuquerque divorce lawyer at Sutherland Law Firm, LLC is ready to discuss your situation and advise you on your best options for protecting your interests as you proceed. Call 505-539-3232 or email our firm.
Compassionate and experienced, our attorneys have been providing exceptional divorce representation to clients for four decades. This means we have the knowledge and skills you can trust for:
- Responsive service, clear answers, and helpful advice
- Effective representation at every phase of your divorce, including the division of property
- The best possible outcomes.
From offices based in Albuquerque, we represent clients throughout New Mexico. Our attorneys are also licensed to practice in Texas and Michigan.
1: The Third District Court handles divorce and other family law cases for those in Albuquerque and throughout Doña Ana County.