Law Offices of Lynda Latta

Who Gets What?

In the event of a divorce, there will be some question as to who is entitled to what property and assets as well as who is responsible for the liabilities. In New Mexico, a community property state, the state holds that marital property is owned jointly and that the marriage partners were equals. The property is divided down the middle, with each getting half. Unless, of course, there is a premarital agreement which holds certain assets obtained before the marriage to be outside of the marriage contract. The best way to handle the division of property is to negotiate in good faith with the help of your legal representative.

Marital Property

Marital property is that which has been acquired by both partners over the course of a marriage. In New Mexico, a community property state, the state holds that marital property is owned jointly and that the marriage partners were equals. The property is divided down the middle, with each getting half. The important thing to remember is that good faith negotiation is the key to a less stressful divorce.

Division of Property

The division of property during a divorce involves a great deal of negotiation, unless you live in a community property state where the assets are considered to have been gained equally no matter the actual contribution of either spouse. The property is split down the middle. Unless, of course, you signed a premarital agreement which expressly held certain assets outside of the marriage contract.

Divorce & Bankruptcy

As with assets, liabilities are considered to be shared by divorcing partners in states with community property laws. If one partner files for bankruptcy after the divorce, the other will become the focus of creditors. Recent changes in the law are designed to prevent one spouse from leaving the other with marital debts by filing bankruptcy. The new law does not allow the discharge of debts that one partner agrees to pay in a divorce settlement. The exception to the rule would be if payment of the debt would cause the ex-spouse to suffer hardships. Bankruptcy does not affect the payment of child support or alimony. These payments must continue.