Marrying Someone That Makes Much Less Than You

 

Are you considering marrying someone that makes much less than you in New Mexico?  If so, it is important to understand the potential financial impact if the marriage ends with divorce.

Marrying someone who makes much less than you shouldn’t be a barrier to a happy and successful marriage. In other words, your partner making significantly less than you does not mean that the marriage is sure to end with divorce.

With that said, it is always best to take informed action.  This also applies to your marriage and understanding how a large disparity in income could impact a divorce.

Here are some aspects to consider when marrying someone that makes much less than you in New Mexico.

 

COMMUNITY MONEY AND BANK ACCOUNTS

 

The money that you earn during a marriage is considered community funds.  Accordingly, bank account money that was earned during the marriage is split 50-50 upon divorce.

At times, spouses only focus on assets that were purchased during the marriage.  For example, one spouse may only consider cars, homes, retirement, or other property when considering a divorce.

Unfortunately, earned money in bank accounts is also a community asset that is subject to a 50-50 split.

 

RETIREMENT

 

In New Mexico, retirement accounts are community property.  This means that the retirement that you build during the marriage will be split 50-50 upon divorce.

Usually, marriages with a great disparity of income are also lop-sided with retirement accounts.  In other words, your spouse that makes way less than you likely is building way less in retirement.

Consequently, the extra retirement that you build is subject to division or split.

Therefore, consider retirement accounts when considering marrying someone that makes way less than you in New Mexico.

 

HOMES

 

Most couples understand that a home purchased during the marriage is usually community property.  This means that equity or debt is usually split 50-50 upon divorce.

However, most couples are unaware that a spouse can acquire an interest in a home – even when the home was purchased before the marriage.

In New Mexico, homes purchased before the marriage are presumed to be separate property.  Nevertheless, a spouse can acquire a community interest in the home when community money/earnings are used to paydown or improve the home.

For example, let’s say that Wife owned a home before the marriage.  However, during the marriage, Wife paid down the separate home’s debt with community earnings.  In this situation, Husband has a claim for half of the principal paydowns during the marriage.

Moreover, Husband has a potential interest if community labor or money was used to improve the home.

Consequently, be aware that your spouse can acquire a community interest in your separate homes or properties.

 

CARS

 

A common misperception is that a car is separate property when purchased during the marriage and titled in one party’s name alone.

This perception is not reality.

Titling a car in one party’s name alone does not change the community’s interest in the property.

In other words, usually cars purchased during the marriage are community property.  This doesn’t change if the car is titled in one spouse’s name alone.

This principle also applies to homes, bank accounts, or debt.

Specifically, a home, bank account, or retirement that was built during the marriage is community property, even if the property is listed in one spouse’s name.

Watch this video to better understand how community property and debt are split during a New Mexico divorce.

 

 

ALIMONY – SOMETIMES NM LAW DOESN’T CARE WHAT IS MORAL & FAIR

 

At times, potential clients complain that New Mexico law isn’t fair.  For example, the spouse may complain that it isn’t fair that they worked more hours, earned more money, yet must split half of the community asset.

This feeling may be especially strong with alimony.  You see, your marriage may fall apart because your spouse was cheating.

Nevertheless, your cheating spouse’s claim for alimony isn’t changed by adultery, or another fault that caused the divorce.

Some spouses find this fact morally repugnant.

Unfortunately, your feelings about what’s morally unfair aren’t going to impress your judge.  On the other hand, New Mexico law will.

Regarding alimony, your judge doesn’t care who caused the divorce.  In relation to alimony, your judge usually does not care that your ex was cheating.

In fact, NM law prevents your judge from considering fault when considering alimony.

Instead, your spouse’s need and your ability to pay are the two biggest factors that impact alimony.  Length of marriage comes in at close third.

Specifically, the fact that you make way more than your spouse heavily impacts alimony.  Conversely, adultery that causes a marriage to crumble usually does not impact alimony.

Those are the breaks.

Still, it’s essential to understand the breaks.

Failing to understand the law does not change how the law applies to your unique divorce.  Therefore, it’s essential to understand that marrying someone that makes way less than you can impact alimony.

Check out this video to better understand alimony in Albuquerque, New Mexico.

 

 

Finally, alimony and other support cannot be waived with a pre-nuptial agreement.

Moral of the story – consider alimony when considering whether to marrying someone that makes much less than you in New Mexico.

 

HIGH INCOME NET WORTH DIVORCE ATTORNEY IN ALBUQUERQUE, NM

 

Looking for a divorce attorney in Albuquerque, NM who specializes in high income and net worth cases?

Look no further!

Our contested and uncontested divorce attorneys have handled the most complex divorce cases in New Mexico. At times, these complex and contentious divorce cases may also include restraining orders or domestic violence.

Our team of experienced Albuquerque divorce attorneys have the battle-tested experience needed to handle your complex divorce case involving significant assets and income.

Contact us today to schedule a consultation and learn how we can help protect your financial interests during this difficult time.

Call (505) SANCHEZ.