Rights to Property: If you are divorcing in New Mexico, you may be wondering about your right to marital property. Dividing assets, debts and business holdings makes dividing property a complex issue after divorce, especially if you are part of a large marital estate.
New Mexico is a community property state. Community property includes all property acquired during the marriage through community efforts, such as real estate, retirement accounts and income. Upon divorce, community—also called marital property—is divided equitably between the couple. Family Courts in New Mexico can disregard who owns the title of a property. If your divorce went to litigation, a judge would consider:
- The contributions of each spouse in acquiring and preserving marital property
- The non-marital (separate) property of each spouse
- The opportunity each spouse has for future acquisition of income and assets
- The length of the marriage
- The age, health and income needs of each partner
Your non-marital property may include gifts during the marriage such as jewelry, clothes and family heirlooms. The divorce attorneys at Terry & deGraauw, P.C., recommend couples resolve their differences through mediation because it puts the final outcome in the hands of the parties rather than the hands of a judge (litigation).
CONTACT OUR ALBUQUERQUE DIVORCE PROPERTY ATTORNEYS
Our divorce attorneys are certified family law specialists. We have specialized knowledge of property rights in divorce and can help you create a marital property agreement that protects your assets. Contact us to schedule an initial consultation at our Albuquerque, New Mexico family law firm.