Divorce often triggers extreme emotional and financial stress. In turn, these powerful emotions may cause people to wonder, “How do I protect my property/assets during divorce?”
On one end, it is a bad move to live in denial – refusing to see telltale signs that a divorce is looming. On the other end, it’s a mistake to pretend that most property/assets accumulated during the marriage will not be split. In the middle, you can face the reality of NM divorce law and proactively work towards protecting your property/assets during divorce.
Here are some actions that you can take to protect your hard-earned money and assets during divorce.
CREATE A PRENUPTIAL OR POSTNUPTIAL AGREEMENT BEFORE DIVORCE
Property/assets built during a marriage are usually evenly split upon divorce. With that general rule in mind, a pre-nuptial agreement is a contract entered before a marriage. This contract/agreement enables couples to proactively decide which property/assets accumulated during the marriage can remain one spouse’s separate property in divorce.
A pre-nuptial agreement can specifically state that property/assets accumulated by one party during the marriage remains separate upon divorce. Without such an agreement, most property/assets built during the marriage – even accumulated if in one spouse’s name alone – is community property and evenly split. For instance, a home/car purchased during the marriage– even if purchased solely in one spouse’s name – is usually community property and split 50-50.
A pre-nuptial agreement enables one spouse to keep money/property accumulated during the marriage from becoming community property. Nevertheless, a pre-nuptial agreement cannot waive alimony or child support.
A post-nuptial agreement is like a pre-nuptial agreement – only it is entered during the marriage, rather than before. A post-nuptial agreement also determines the property/assets that one spouse receives. With that said, a post-nuptial agreement may be invalid if one spouse receives all the community property, with the other spouse receiving nothing in exchange. Such an agreement may be considered unenforceable. Moreover, failing to fully disclose the property/assets extent and value may create an unenforceable post-nuptial agreement.
For these reasons, you should always speak with an experienced attorney before creating or entering a post-nuptial agreement.
KNOW HOW MUCH COMMUNITY PROPERTY/ASSETS THAT YOU OWN
Protect your property/assets by keeping track of your accounts. At times, a spouse is unaware of property/assets that are accumulated during the marriage. When this happens, a divorce can be finalized without addressing certain property/assets.
Community property often includes bank accounts, homes, vehicles, retirement accounts, and personal property. Strengthen your case by knowing how much property has been built during the marriage.
Additionally, failing to understand the extent of property can lead to property being sold or transferred during the marriage. In other words, protect your assets by monitoring your assets. Failing to monitor your assets creates the potential for assets to leak away during the marriage.
It has been said that “loose lips sink ships.” Similarly, loose knowledge of your financial portfolio can sink your finances during divorce.
KNOW YOUR COMMUNITY PROPERTY/ASSETS VALUE
Knowing the value of your community property/assets helps protect your interests during divorce. You see, at times, one spouse is kept in the dark regarding property/asset values. When this happens, the uninformed spouse may agree to bad divorce terms. For instance, one spouse may be manipulated into reaching an unfair divorce agreement.
Take matters into your own hands by knowing your property value. Do so by monitoring your accounts. Also, consider checking your credit to see what property/debt is listed in your name.
DON’T MIX SEPARATE AND COMMUNITY PROPERTY DURING MARRIAGE
Property accumulated before marriage is usually considered separate property. Conversely, property built during the marriage is usually considered community property. Pretty straight forward. With that said, the line become blurry when separate property is mixed with community property.
For instance, a home purchased before the marriage may be sold during the marriage. In doing so, the money from the separate home may be mixed with a marital home. Similarly, money earned before the marriage might be mixed with money earned during the marriage. When this occurs, a clear black/white distinction of separate vs. community property can become a gray area. In turn, this gray area can “transmute” separate property into community.
Avoid this gray area by keeping separate property separate.
FIND THE TOP/BEST DIVORCE ATTORNEY/LAWYER IN ALBUQUERQUE, NM
Are you facing a divorce and want to protect your assets/debts. If so, it is essential to immediately speak with an experienced and trusted divorce attorney. A seasoned divorce attorney/lawyer can help you understand New Mexico community property laws. Experienced and affordable divorce lawyers/attorneys can also help you detect shady divorce moves. Take matters into your own hands by talking with a tested contested and uncontested divorce attorney in New Mexico. Talk with (505) SANCHEZ.
How Do I Protect Property/Assets During Divorce?
