Property Division Agreements Albuquerque
During a divorce, one of the most stressful and contentious aspects of the process and be determining how property is divided between spouses, If you will need to work through dividing property with your spouse in order to finalize your divorce, it is highly recommended that you contact an experienced family lawyer in Albuquerque as soon as possible. Property division can be complicated no matter how much or how little property there is to be allocated, but when you are working with a lawyer, you will be able to navigate this process with clarity. Contact us now to schedule an initial consultation, and read more below about how property division works during a divorce in New Mexico.
Which Properties Are Divided During a Divorce?
New Mexico has a series of laws specifically outlining fair property division during a divorce. First, you must determine which property is “marital property,” and which property is considered “separate property.”
Separate property is property that either spouse owned before the marriage, and retained sole ownership of throughout the marriage. This means that the other spouse was not added to the deed during the marriage, at which point it would be considered marital property. In addition to owning the property before the marriage, it also includes any property that the individual inherited.
Marital property is a property that was acquired during the marriage, regardless of which spouse paid more. A property will only be excluded from being considered marital if there were legal documents agreeing to this stipulation at the time of acquiring the property, or was detailed in a prenuptial agreement before the marriage. Otherwise, any property or debt acquired during the marriage is considered marital property, and will be divided during a divorce.
How Are Marital Properties Divided?
If you are able to reach an agreement with your spouse without a court decision, then you are able to divide your property however you each see fit before submitting an uncontested divorce. However, if you are unable to reach an agreement and need to go to trial, the court will pursue what is known as an “Equal Division.”
Equal division means that all marital property, assets, and debts are totaled up and divided across spouses in a 50/50 split. Note that this equation considers debt, not just the value of property and assets.
If the court reaches a 50/50 split but still decides that it is unfair to one spouse, then they will work towards creating an equitable distribution.
How Do The Courts Handle a Marital Home During a Divorce?
There are a few ways that you will be able to handle a marital home through a divorce. First, the court determines the equity value of the house by considering the actual value of the home and property and subtracts any mortgages or liens. From there, the spouses can decide to either sell the property and divide the proceeds, one spouse can take a full mortgage and buy out the other partner, or the parent who retains custody of the children remains in the house for a set period of time before being required to relocate or buy the other spouse out.
Contact Us Today
Dividing marital property can be complicated and contentious during a divorce. Not only is there a significant amount of money up for consideration, there is also nostalgia and personal connections to property that must be navigated while reaching a fair outcome. We will work with you to reach an agreement through mediation or negotiation, and if necessary, will work with you through every step of a trial.