Property Allocation in New Mexico
Property allocation during a divorce can be challenging. As a community property state, New Mexico obligates couples to divide shared property equally, unless another agreement is made between the divorcing spouses.
If you prefer to figure out terms with your ex-spouse instead of within a courtroom, DivorceNM.com provides as much or as little legal support as is necessary for you to proceed.
Community Property vs. Separate Property
Shared property is anything acquired during the course of the marriage. This includes income, real estate, artwork, jewelry, pets, and even any debt that incurred by either spouse. Separate property is that which is acquired by either spouse before the marriage begins or after the marriage ends. Separate property can also become shared property depending on how it’s handled.
For instance, if one spouse takes an inheritance and places it into a joint checking account, it will likely be considered shared property. The same can be said of any property that is separately owned and retitled to include the name of both spouses.
Ways to Approach Property Allocation
You and your former spouse can come to an agreement on property that benefits both parties. Mediation is one method of divvying up property, where spouses work with a trained mediator to decide major marital issues. Mediation offers a fixed time period during which the mediator will lead both parties in a discussion about property division, child custody, and any other prevailing issues.
Facilitation is similar to mediation, in that an impartial mediator will be present to lead divorce discussions. However, facilitation involves both parties remaining separate during discussions. The mediator will confer with each individual separately and take information gained back and forth to each person until an agreement is made.
How Our Services Can Help
DivorceNM.com helps New Mexico couples make the right decisions about property allocation. By downloading our Divorce Intake Form, you can begin your journey towards legal separation.
We provide support for many types of marital situations, whether you’re divorcing with children or divorcing without children. We can also help you make decisions regarding child support to ensure your children are properly supported from a financial perspective.