Are you searching for information on marital settlement agreement mistakes? Every divorce in New Mexico requires a marital settlement agreement that divides community property and debt that was accumulated during the marriage.
All marital settlement agreements are not created equally. Here are five martial settlement agreement mistakes that you should avoid.
SIGNING THE MARITAL SETTLEMENT AGREEMENT BEFORE CONSULTING WITH AN ATTORNEY
Speaking with an attorney about a divorce can be a stressful event. I get it. With that said, not speaking with an attorney about New Mexico law can lead to a lopsided divorce that haunts your future.
Sometimes a spouse will rush a divorce out of guilt manipulation, or a desire to “just get it over with.” Rushing your divorce is benefiting your present self at your future self’s expense. The short-term benefits of pushing your divorce forward without the proper information can cause big long-term problems. At times, a rushed divorce leads to:
- Bad agreements based on incomplete or misinformation;
- Agreements built on a misunderstanding of NM law; and
- One-sided divorce that often favors one side.
Is your spouse rushing you to sign divorce papers in New Mexico? If so, you should always speak with an experienced divorce attorney before signing a martial settlement agreement that impacts your future.
VAGUE AGREEMENTS REGARDING MARITAL RESIDENCE
Is a home involved with your divorce? If so, your marital settlement agreement should clearly state how the home will be divided. For instance, is one spouse keeping the home? If so, the MSA needs to clearly state how much one spouse is paying for the home. The MSA should also include a deadline for the “equalization payment” to be made.
Your MSA should also set a deadline for one spouse to refinance the home in their name alone. This deadline avoids the potential for one spouse to drag their feet on the refinance process – hurting your credit or ability to purchase a home after the divorce.
Your MSA should also include deadlines for:
- Signing necessary documents involved with the home’s sale or refinance;
- Agreeing on a realtor, listing price, or other issues involved with the home’s sale;
- Deadline for equalization payment from one spouse to the other.
WAIVING SPOUSAL SUPPORT
Small boxes create big future consequences. Pro se divorce packets usually contain very small boxes to address spousal support. The small box suggests that alimony is a small issue. Do not be deceived by the small box. You may be waiving your right to alimony, by checking a seemingly insignificant box.
Are you feeling rushed with your divorce? Is your spouse making statements that suggest you are greedy, or that you just married for money?
Do you have a gut feeling that something is off with your MSA that waives alimony? You should always speak to an experienced divorce attorney about alimony before signing your MSA.
Click here for more information on spousal support/alimony in New Mexico.
FAILING TO RESOLVE ALL PROPERTY AND DEBT ISSUES
A solid MSA resolves property and debt issues and prevents future litigation. Common issues with an unclear MSA include:
- Not specifically stating how divided debt will be paid;
- Unclear agreement regarding the payment of credit card debt;
- Failing to address retirement accounts;
- Not stating who will complete the QDRO to divide retirement accounts;
The MSA should also establish deadlines to remove a spouse’s name form credit cards, bank accounts, or any other joint accounts.
Failing to create a clear MSA can generate disagreements and issues that erupt into litigation.
NOT UNDERSTANDING THE FINE PRINT OF YOUR MARITAL SETTLEMENT AGREEMENT
The devil is in the details. The small print in your MSA can have a big impact on your divorce. The small print in your divorce can impact:
- Deadlines;
- Attorney fees;
- Tax issues;
- The impact of bankruptcy;
- Transferring or receiving property;
- Any issue involving your assets and debts.
You may be causing avoidable stress and future issues by rushing your divorce and not understanding the fine print.
Put your pen down and call an experienced divorce attorney before signing an MSA that you do not fully understand.
(505) SANCHEZ HELPS YOU UNDERSTAND MARITAL SETTLEMENT AGREEMENT MISTAKES IN NEW MEXICO
Do you still have questions about marital settlement agreement mistakes in New Mexico? For over a decade, Matthew Legan Sanchez has handled divorce cases all across New Mexico, including Sandoval, Santa Fe, or Valencia County in New Mexico. For more information about marital settlement agreement mistakes in New Mexico, speak with an experienced divorce attorney by calling (505) SANCHEZ.
martial settlement agreement mistakes in Albuquerque, New Mexico
