Division of Property-from Chapter 11-Divorce in New Mexico
You never imagined that you would face losing the house you and your spouse so happily moved into—the house where you celebrated family traditions and that you spent countless hours making “home.”
Your spouse wants it and your lawyer says it might have to be sold.
During a divorce, you will decide whether you or your spouse will take ownership of everything from bathroom towels to the stock portfolio. Suddenly you find yourself having a strong attachment to that lamp in the family room or the painting in the hallway. Why does the coin collection suddenly take on new meaning?
Do your best to reach agreement regarding dividing household goods. Enlist the support of your attorney in deciding which assets should be valued by an expert, such as the family business or real estate. From tax consequences to replacement value, there are many factors to consider in deciding whether to fight to keep an asset, to give it to your spouse, to split it, or to have it sold.
Like all aspects of your divorce, take one step at a time. By starting with the items most easily divided, you and your spouse can avoid paying lawyers to litigate the value of that 1980s album collection.
New Mexico is a community property state and the law provides for an equal division of community property and debts acquired during your marriage.
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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