Asset Division Lawyer Serving Albuquerque, New Mexico
Asset division can be one of the most challenging and combative elements of the divorce process, especially in high-stakes, high-value circumstances. At Batley Family Law, our team of experienced property division attorneys understands the complexities involved in dividing different types of assets such as stock options and interests in closely-held businesses. We will work with you to navigate the process and provide the advice and advocacy you need to help you achieve your objectives.
Property Division Laws in New Mexico
New Mexico bases its division of property laws on community property principles. When getting divorced in a community property state, the courts require you to split all assets and debts acquired during the marriage equally.
Community property division only applies to certain assets, though. Below, we’ll discuss the assets that the state can divide using community property guidelines and those that are exempt from community property division.
Community property encompasses any debts or assets that you and your spouse acquired during your marriage. It does not generally matter which spouse contributed more to the purchase or whose name is on the title. Unless you have certain legal documents, like a prenuptial agreement, New Mexico law requires you to divide marital property evenly during your divorce.
Separate property–which includes assets and debts acquired before your marriage–doesn’t qualify for community property division as long as you retain sole ownership during your marriage. If separate property becomes intertwined with marital property, the court may treat it as community property.
Our property division attorneys will work to keep the court from dividing property that should be kept as your separate property. This includes property you receive through inheritance or gifts.
The New Mexico Property Division Process
You and your spouse may be able to avoid the equal division process in some cases. For example, if you go through mediation and agree to a mutually beneficial division of property, the courts will not dictate how you divide your marital property.
In addition, you can create a legally binding marital settlement agreement, which outlines your divorce, custody, child and spousal support, and property division plans.
However, if you and your spouse cannot reach an agreement through mediation or settlement facilitation, your case will proceed to trial and a judge will determine how you will divide your property.
How We Help
Working with an experienced property division attorney offers several benefits regardless of whether your divorce is amicable or contentious. When you choose the dedicated team at Batley Family Law, you can count on sound legal advice and compassionate care throughout the property division process. Other benefits include:
- Insight into how property division can impact you financially.
- Assurance that your spouse hasn’t concealed or misclassified debts, assets, or income.
- Collaborative support when determining marital property division strategies.
- Representation during mediation, settlement facilitation, or trial to help resolve the process equitably and justly.
Contact Our Knowledgeable New Mexico Property Division Attorneys
Even the most cooperative divorce can hit roadblocks when it comes to property division. Rather than allowing a judge to randomly determine which assets you and your spouse receive, let our team at Batley Family Law protect your interests in court or help you reach a solution through mediation.
Call our Albuquerque office today at (505) 246-0500 or fill out this contact form to take the next step toward scheduling your confidential case evaluation.