New Mexico is a community property state meaning that we look at the assets and the debts and allocate them in a way that makes sense to the parties and we try to divide the assets 50/50. It is also equitable distribution state though. If it does not make sense to divide the assets 50/50, we come up with a better solution. Our goal is to help you make the best possible financial decisions for yourself and for your family moving forward.
New Mexico Division of Marital Property Attorney
What You Must Know About Property Division
New Mexico Community Property Laws
Since New Mexico is a community property state, any assets and debts acquired during the marriage will be divided equally between the spouses. If the parties signed a prenuptial or postnuptial agreement stating how the property and debts are to be distributed in the event of the marriage dissolving, then that can be used to settle the financial aspects of the divorce. If a financial settlement was arranged prior to the divorce, the courts will intervene if the validity of the agreement is under dispute by either spouse.
While going through a separation or divorce, it is important to receive a financial agreement that is equitable and takes into consideration your current circumstances. Division of marital property can be a point of contention between married couples if they are not able to effectively communicate with each other or if they want different things. New Mexico Legal Group can help you figure out the best approach to reaching a settlement. We will protect your rights and financial interests throughout the legal proceedings.
Factors That Affect Award of Alimony
The court wants to designate alimony in a manner that is fair and just to both parties. The court may decide alimony should be paid in installments for a set period of time, indefinitely, or in one lump sum. Certain factors the court takes into consideration when deciding how to arrange the terms of spousal support are:
- Earning potential of both spouses based on education, past work experiences, and abilities
- Good faith effort made by either spouse to become financially self-sufficient
- The standard of living during the marriage
- The length of the marriage
- Financial agreements made between the parties prior to initiation of the divorce proceedings
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Contact an Albuquerque Divorce Attorney
Call New Mexico Legal Group at 505.843.7303 or get started with a free case evaluation.
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2701 Arizona Street NE
Albuquerque, NM 87110
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4351 Jager Dr., NE
Rio Rancho, NM 87102
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300 S Water St.
Las Cruces, NM 88001