During a divorce, each party is allowed to keep any separate property they acquired before the marriage and after a legal separation.
New Mexico follows the principle of “community property.” This means that property acquired during the marriage is generally considered joint or community property and subject to equal division upon divorce.
Factors Considered When Determining Property Division in New Mexico
While community property law states there should be an equal division of all property, the court considers several factors for property division, including the length of the marriage, the age and health of each spouse, the assets and liabilities of each party, and the economic circumstances of each party. Additionally, the court may consider any agreements between the spouses, the value of separate property, and the potential for future financial support or alimony.
Is Separate Property Subject To Division?
Generally, separate property is not subject to division during divorce proceedings. However, there are situations where separate property may become commingled with marital property, making it more complex to distinguish. If separate property is used for the benefit of the marriage, it could be considered part of the marital estate. It’s important to work with New Mexico legal experts who can help you accurately assess and protect your separate property rights.
Assets Typically Subject to Division
Marital assets subject to division can include real estate, bank accounts, retirement accounts, investments, vehicles, business interests, personal property, and more. Debts accumulated during the marriage, such as mortgages, loans, and credit card debts, are also considered during the division process.
How The Court Determines Who Gets What
New Mexico operates under the community property principle, so joint property is typically split evenly. While some couples are able to negotiate their own property settlement, if an agreement cannot be reached, the court will make the final decision.
Can Property Division Be Negotiated Outside of Court?
Yes, many couples opt for alternative dispute resolution methods, such as mediation or collaborative divorce, to negotiate property division outside of court. These methods allow couples to work together with legal professionals to reach an agreement that suits both parties’ interests. Negotiating outside of court can save time, money, and reduce the emotional stress of a traditional courtroom battle.
The Role of a Top Divorce Lawyer in Property Division
A divorce attorney plays a crucial role in helping you navigate the complexities of property division. They can provide legal advice, guide you through negotiation or mediation processes, represent your interests in court if necessary, and help ensure that your rights are protected throughout the divorce proceedings. Their expertise ensures that you receive a fair share of assets and liabilities in your divorce.
Modifying Property Division After Divorce Is Finalized
In some cases, property division orders can be modified post-divorce, particularly if there’s a significant change in circumstances. For example, if one party fails to disclose assets during the divorce or if there are new financial developments, the court may consider modifications. It’s important to consult with a skilled divorce attorney in New Mexico to assess the feasibility of seeking modifications.
Preparing For Property Division Negotiations
To prepare for property division negotiations, gather all financial documentation, including bank statements, tax returns, property deeds, and debt information. Make a list of all assets and liabilities, both marital and separate. Clearly define your priorities and objectives, and consider working with an experienced family law attorney to help you navigate the negotiation process.
Protecting Your Rights and Assets During Property Division
To protect your rights and assets during property division, consult with a top divorce lawyer in New Mexico. They can help you understand your legal rights, negotiate on your behalf, and ensure that the final division is fair and equitable. Proper legal representation ensures that your interests are safeguarded throughout the divorce process.
Navigating property division during a divorce can be intricate, but with the right legal guidance, you can ensure that your assets are divided fairly and in alignment with your best interests. At New Mexico Legal Group, our experienced family law attorneys are dedicated to helping you achieve a positive outcome during this challenging time. Contact us today to schedule a consultation and learn more about how we can assist you in your divorce journey.