You likely know that New Mexico is a community property state. However, maybe you are unsure what is considered community property in contested and uncontested divorce in New Mexico?
Every New Mexico contested and uncontested divorce requires the separating couple to divide community property and debts. Additionally, the parties must complete a marital settlement agreement before a divorce is granted. At its core, a martial settlement agreement is a contract that divides marital property/assets and debts/liabilities.
With that said, New Mexico courts consider several factors when determining how to equitably divide community property. Each marriage’s unique facts and circumstances impact how a judge divides marital property.
PROPERTY ACQUIRED AFTER MARRIAGE IS USUALLY COMMUNITY PROPERTY
Most property and debt that are built during a marriage are equally split upon uncontested and contested divorce. This means that most assets and debt incurred during a marriage is split 50-50.
New Mexico law presumes that property and debt that are incurred during the marriage is community property. Nevertheless, exceptions to this rule include:
- Property that is excluded by a prenuptial agreement;
- Property acquired by inheritance or bequest during the marriage
- Personal injury awards for pain and suffering; and
- Third party gifts to one spouse during the marriage.
Other than the limited exceptions above, most property accumulated during the marriage is considered community property. In turn, community property is split 50-50 upon divorce process.
HOW COMINGLING IMPACTS COMMUNITY PROPERTY DURING CONTESTED AND UNCONTESTED DIVORCE
At times, separate property becomes mixed or comingled with community property. For instance, the proceeds from a spouse’s separate home may be used to purchase a marital home. When this happens the court determines if the alleged separate property/funds can be traced/distinguished the from community property? If so, the court usually divides the separate and community property/funds.
Nevertheless, sometimes separate property is mixed/comingled to a degree where tracing is impossible. For example, separate funds may be mixed several times, to a degree where the funds can no longer be reliable traced. When this occurs, the court usually holds that the separate property has been comingled into community property.
HOW TO UNCOVER HIDDEN ASSETS IN CONTESTED AND UNCONTESTED DIVORCE IN NEW MEXICO
Do you suspect that your spouse has hidden community property/assets during your marriage? If so, these assets can be uncovered through divorce discovery.
Divorce discovery ranges from easy to difficult. On the easy end, discovery can be completed informally by exchanging property and debt information. For example, the parties can exchange the following:
- Retirement account information;
- Bank accounts;
- Car loan; and
- Credit card statements.
When property is being hidden, the easy approach to formal discovery in divorce is usually ineffective. When assets are being concealed, the parties usually must complete a formal discovery process in divorce. This formal discovery process in divorce process includes sworn statements and requests for production of documents. Moreover, especially shady behavior may require several sets of discovery.
Especially complex and suspect behavior may require legal deposition to be completed. In turn, an extensive discovery process in divorce can significantly increase a divorce’s time and expense.
COMMUNITY PROPERTY DIVORCE LAWYER IN ALBUQUREQUE, NM
Do you have an uncontested or contested divorce in Albuquerque, New Mexico? Do you have questions about dividing community property during a New Mexico divorce? If so, it is essential to speak with a top divorce attorney or lawyer in New Mexico. Our experienced divorce firm routinely handles divorces in Albuquerque, Rio Rancho, Los Lunas, and Belen. Don’t wait to speak with thr best divorce lawyer that knows what they are talking about. Talk with (505) SANCHEZ today.
