Going through a divorce is never easy, especially when it comes to dividing property. Property division in a divorce can be a complex process, and it's important to understand how it works to ensure a fair and equitable outcome.In this blog post, we'll discuss the three factors that determine property division in a divorce.
3 Considerations when Dividing Property During Divorce Proceedings
1. Community Property vs. Separate Property
In New Mexico, the law applies the concept of "community property" when determining property division in divorce proceedings. This principle suggests that any assets or debts accrued during the marriage are considered shared or "community" property, and thus, subject to equal division between the parties in the event of divorce.
However, property owned by either spouse prior to the marriage, or received as a gift or inheritance during the marriage, is generally termed "separate property" and not included in the divisible marital estate. It's important to note that the court has the discretion to deviate from a 50/50 split if it deems it fair and equitable under the circumstances. Factors such as the duration of the marriage and each spouse's financial condition, earning capacities, and contributions to the marital property may influence this decision.
2. Contribution of Each Spouse
Another factor that determines property division is the contribution of each spouse to the acquisition of property. This includes financial contributions, as well as non-financial contributions such as homemaking and childcare. The court will consider each spouse's contribution when determining how to divide property.
3. Future Financial Needs
The court will also consider each spouse's future financial needs when determining property division. This includes factors such as each spouse's income, earning capacity, and age. The court may award a larger share of the property to the spouse who needs it more, to ensure a fair and equitable outcome.
In conclusion, property division in a divorce is determined by a variety of factors. It's important to work with an experienced family law attorney who can help you navigate the complexities of property division and ensure a fair and equitable outcome.
If you're going through a divorce in Albuquerque and need help with property division, Sandia Family Law can help. Our experienced attorneys have helped countless clients navigate the complexities of divorce and property division. Contact us today at (505) 544-5126 to schedule a consultation and learn how we can help you.