New Mexico Divorce & Finances
UPDATED: March 4, 2020
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The division of joint finances during a divorce can be a hassle and a major source of stress during the process. You might have a number of questions about the effect of your divorce on your finances. How will you divide property? What will the tax ramifications be? Are there estate planning issues to be settled? What about spousal support (or alimony)? Will you be ordered to pay or receive any, and if so, how much and for how long? The following address New Mexico laws specific to divorce and finances.
New Mexico Property Division/Community Property/Debts:
New Mexico is a ï¿½community propertyï¿½ state, meaning that all property that was acquired during the time of the marriage is considered community property and is divided equally, 50/50, unless the parties are able to come to their own agreement separately. When the court must decide, it considers the nature of the community property, separate property, length of the marriage, and economic circumstances of the spouses, among other factors.
New Mexico Spousal Support:
Spousal support is a regular amount of money that a court orders a divorcee to pay to their ex-spouse after a divorce. Whenever the court issues a decree for the dissolution of marriage, the court may also at that time order either the husband or wife to pay support to the other spouse. Spousal support may only be ordered in New Mexico if the court finds that it is necessary, but a divorce in itself creates no automatic obligation for either spouse to support the other. Where the court does grant spousal support (usually called ï¿½alimonyï¿½ in New Mexico, or ï¿½maintenanceï¿½), it does so on a case-by-case basis and in consideration of many factors, including:
- The financial resources of the party seeking support;
- The time and input of resources necessary for the party seeking support to find appropriate employment and sufficient education/training for that employment;
- The established subjective standard of living during the marriage;
- Marriage duration;
- Physical and emotional condition of the party seeking support; and
- The ability of the proposed supporting spouse to meet his/her own needs while meeting those of the other spouse, and more.
New Mexico Divorce/Child Support/Child Custody Lawyers:
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