Dividing Marital Property in a Divorce
New Mexico is a community property state, which means marital property is equally divided. What does that mean in your specific case? Talk to a divorce lawyer at The Family Law Firm in Albuquerque, New Mexico.
Marital Property Division in New Mexico
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Splitting property 50/50 may seem simple, but the issue can get very complicated. You need to know what to expect and how property division will affect you.
- Let's talk about the facts: What property do you and your wife own? Be aware that any property gained during the marriage is marital property. (Two exceptions are inherited property and gifted property.) Property owned before the marriage is not marital property — unless it has been commingled with community property to such an extent that it cannot be separated.
- List all assets: To discuss how property division will affect you, you need to list all property. Be honest and direct with your lawyer. Trying to hide assets is a mistake that can severely harm you. Your lawyer can determine the best way to present your assets to the court.
- Know what to expect: We have had extensive experience in dividing marital assets. Our law firm can give you a good idea of what you are facing and how you can protect the value of assets while assuring a fair division.
- There's more than one way to divide property: If all assets were cash in a bank account, marital property division would be easy, but many assets are a house, other real property or a business that cannot be liquidated and divided without losing value. To divide a business, the business can be valuated and one party might buy out the other. Or future income from the business might be divided. To divide real estate, a stock portfolio, 401k accounts or a pension, the parties may decide on a fair division that does not involve splitting a specific holding.
What are your priorities? What property is most important to you? Your attorney can use that information to assure that when the divorce is final, you will feel that you have what you need to move on with your life.
The Family Law Firm represents clients throughout New Mexico. Call or e-mail to set up a consultation with a lawyer who knows how to level the playing field and assure that property division is fair and equitable.
