Divorce is usually a difficult process, not just emotionally, but also legally. In fact, property division can be one of the most contested and confusing parts of the process. For this reason, hiring a family lawyer is often the best option for protecting your rights and the rights of others in your family.
Duran & McDonald has family lawyers who know the people, courts, and culture of New Mexico. With us, you will receive clear guidance through the complex proceedings that follow.
New Mexico is a community property state. This means that property acquired during a marriage is typically considered equally owned by both parties. In this case, each spouse is entitled to half the value of the marital property. Debts work the same way. Marital property often includes homes and other real estate, bank accounts, retirement savings, vehicles, household items, and businesses.
Even in marriage, some property may be considered separate. For example, premarital assets and inherited property are typically considered separate. This can become more complicated when the spouses commingle their property. For example, one spouse may use an inheritance to fund renovations for a home owned by both parties. Other potentially complicated properties may include rights related to tribal land. An attorney in Albuquerque could help a spouse determine what property is marital and separate when dividing assets.
While New Mexico typically defaults to equal division of the property, the court may consider other factors to divide the property equitably. As part of this process, the court may consider prenuptial or postnuptial agreements legally created by the parties. The court also considers each spouse’s contributions (including non-monetary contributions like childcare or homemaking) and future financial circumstances.
Some matters may complicate property division. For instance, one spouse may attempt to hide assets or could fail to disclose certain assets. A property division lawyer in Albuquerque coukd work with forensic accountants and subpoena records as needed. The judge may levy a punishment for a spouse who attempts to hide assets.
When emotions are high and trust is low, property issues can stall a divorce settlement. In these high-conflict situations, an attorney might make some recommendations to reduce stress and help achieve goals. For instance, a lawyer may recommend using mediators or making temporary agreements. They can also help establish clear legal boundaries to reduce heightened emotions.
Some cases of especially complex divorce cases include long marriages, in which the blending of property can be confusing and unclear. Additionally, second marriages that involve children and blended finances can also come with unexpected conflict. An Albuquerque attorney can step in to help navigate the murky waters that might surround these types of cases and make asset division clearer.
When you are facing a divorce or other high-stakes situation, local knowledge can be useful. An Albuquerque property division lawyer will be familiar with the judges, court procedures, and regional issues relevant to Bernalillo County. Our lawyers understand nuances around family living arrangements, inherited land, multi-generational households, and other matters that may be relevant to your situation.
Duran & McDonald offers expert asset valuation, documentation of all debts and assets, and strategic negotiation tactics to be used in court. We also offer strong representation if litigation is necessary. Schedule a consultation with a lawyer today to learn more.
