When speaking about property division and divorce, most couples consider the division of assets like the marital home before they consider the division of debt. When protecting your assets in divorce, it’s important to remember that New Mexico is a community property state, so everything accrued during the marriage is subject to division—and that includes debt.
DIVISION OF DEBT
UNDERSTANDING DIVORCE & PROPERTY DIVISION IN NM
When you file for divorce, you will be required to fill out a Schedule of Assets and Debts. You and your spouse will exchange this form and disclose all assets and debts. You will list all of your separate property (anything you brought into the marriage), as well as your marital property (such as a house you bought together).
Debt accrued before the marriage will not be divided upon divorce. However, debts accrued during the marriage will be divided equitably. Filling out a Schedule of Assets and Debts will help you understand whether you and your spouse can agree on how to pay off marital debt. If you can agree, you are more likely to have an amicable divorce settled outside of court. However, some couples find that they cannot agree and are forced to pursue their divorce through litigation.
SETTLING ABQ DIVORCES THROUGH MEDIATION & COLLABORATION
The divorce and property division attorneys at Terry & deGraauw, P.C., assist our clients throughout the process of dividing debts and assets during divorce. We encourage our clients to attempt to settle their case through mediation or collaboration, which ultimately gives them more control over the outcome of their divorce. However, we are experienced litigators who understand when going to court is the only option to protect your rights. We will be prepared to pursue your case through litigation whenever necessary.
CONTACT OUR ALBUQUERQUE FAMILY LAW FIRM
The attorneys at Terry & deGraauw, P.C., can help you fill out Schedule of Assets and Debts form correctly. Making mistakes can cost you time and money during the divorce process, so you will want to get it right the first time. You will rest assured you are making sound legal decisions throughout your divorce with our family law attorneys at your side.
Our divorce and Albuquerque property division lawyers are certified family law specialists, meaning we have experience working all aspects of family law in New Mexico. To meet with our attorneys, contact us and ask to schedule an initial consultation.