New Mexico Property Division Factors
In New Mexico, the property and debt issues are typically settled between the parties by a signed Marital Settlement Agreement or the property award is actually order and decreed by the District Court within the Decree of Dissolution of Marriage.
New Mexico is considered a "Community Property" state. Community property is defined as all property and debt that was acquired from the date of marriage until the marital cut-off date. The community assets will be split equally by the District Court if the spouses are unable to reach an agreement.
In New Mexico, separate property can be classified or defined as follows: (A) property acquired by either spouse before marriage or after entry of a decree of dissolution of marriage; (B) property acquired after entry of a decree; (C) property designated as separate property by a judgment or decree of any court having jurisdiction; (D) property acquired by either spouse by gift, bequest, devise or descent; and (E) property designated as separate property by a written agreement between the spouses, including a deed or other written agreement concerning property held by the spouses as joint tenants or tenants in common in which the property is designated as separate property.
The "community property" acquired by either or both spouses during the marriage, which is not separate property, is divisible upon the termination of the marriage. (New Mexico Statutes - Article 4 - Sections: 40-3-8, 40-4-7)
Since New Mexico is a "Community Property" state, all marital property will be divided in a 50-50 fashion according to the court unless agreed to otherwise by the divorcing spouses. This means that everything that is considered "up for grabs" in the dissolution of marriage will be distributed equally to each spouse. Obviously this does not entail splitting a car in half so to speak, but rather each spouse will be rewarded with assets of equal value. You can learn more about New Mexico property division in the New Mexico state statutes located at: http://law.justia.com/newmexico/codes/nmrc/jd_ch40-e69.html.
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