Division of Debts-From Chapter 13-Divorce in New Mexico
Throughout a marriage, most couples will have disagreements about money from time to time.
You might think extra money should be spent on a family vacation, but your spouse might insist it should be saved for your retirement. You might think it’s time to finally buy a new car, but your spouse thinks you driving the ten-year-old van for two more years is a better idea.
If you and your spouse had different philosophies about saving and spending during your marriage, chances are you will have some differing opinions when dividing your debts in divorce. What you both can count on is that New Mexico law provides that, to reach a fair outcome, the payment of debts must also be taken into consideration when dividing the assets from your marriage.
There are steps you can take to ensure the best outcome possible when it comes to dividing your marital debt. These include providing accurate and complete debt information to your attorney and asking your attorney to include provisions in your final decree of dissolution of marriage to protect you in the future if your spouse refuses to pay his/her share.
Regardless of how the debts from your marriage are divided, know that you will gradually build your independent financial success when making a fresh start after your divorce is final.
For more information our book Divorce in New Mexico is available for $14.95 on the home page of our website.
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Phone: 505-246-0500