New Mexico Property Division Laws
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The following is a summary of New Mexico property division laws, and is by no means intended to be an all-inclusive description of what to expect in your particular case. In some cases, the exact text of the statute may have been simplified and/or modified to provide for easier understanding. For a more specific understanding of the laws, you should consult the full New Mexico Statutes and/or consult with an attorney about how the law might apply to your particular situation.

 

Determination of Separate and Community Property.
"Separate property" means:

(1) property acquired by either spouse before marriage or after entry of a decree of dissolution of marriage;

(2) property acquired after entry of a decree entered pursuant to Section 40-4-3 NMSA 1978, unless the decree provides otherwise;

(3) property designated as separate property by a judgment or decree of any court having jurisdiction;

(4) property acquired by either spouse by gift, bequest, devise or descent; and

(5) 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.

"Community property" means property acquired by either or both spouses during marriage which is not separate property.

"Quasi-community property" means all real or personal property, except separate property, wherever situated, heretofore or hereafter acquired in any of the following ways:

(1) by either spouse while domiciled elsewhere which would have been community property if the spouse who acquired the property had been domiciled in this state at the time of its acquisition; or

(2) in exchange for real or personal property, wherever situated, which would have been community property if the spouse who acquired the property so exchanged had been domiciled in this state at the time of its acquisition.

For purposes of division of property incident to a dissolution of marriage or a legal separation under Section 40-4-3 NMSA 1978, quasi-community property shall be treated as community property, if both parties are domiciliaries of New Mexico at the time of the dissolution or legal separation proceeding.

Property acquired during marriage by either husband or wife, or both, is presumed to be community property.

-From Sections 40-3-8 and 40-3-12 of the New Mexico Statutes.

 

Determination of Separate and Community Debt.
"Separate debt" means:

(1) a debt contracted or incurred by a spouse before marriage or after entry of a decree of dissolution of marriage;

(2) a debt contracted or incurred by a spouse after entry of a decree entered pursuant to Section 40-4-3 NMSA 1978, unless the decree provides otherwise;

(3) a debt designated as a separate debt of a spouse by a judgment or decree of any court having jurisdiction;

(4) a debt contracted by a spouse during marriage which is identified by a spouse to the creditor in writing at the time of its creation as the separate debt of the contracting spouse;

(5) a debt which arises from a tort committed by a spouse before marriage or after entry of a decree of dissolution of marriage or a separate tort committed during marriage; or

(6) a debt declared to be unreasonable pursuant to Section 2 [40-3-10.1 NMSA 1978] of this act.

A gambling debt incurred by a married person as a result of legal gambling is a separate debt of the spouse incurring the debt.

"Community debt" means a debt contracted or incurred by either or both spouses during marriage which is not a separate debt.

-From Sections 40-3-9 and 40-3-9.1. of the New Mexico Statutes.

 

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Other pages on New Mexico divorce laws:
General New Mexico Divorce Laws
Alimony Divorce Laws in New Mexico
New Mexico Child Custody Laws
New Mexico Child Support Laws
New Mexico Laws on Property Division

 

© Help Yourself Divorce 2002-2008

 

IMPORTANT: Help Yourself Divorce is a paralegal service, not a law firm. Please don't rely on this information for legal advice. Seek help from an attorney if you need legal advice.

This information has been summarized from the New Mexico statutes. You can find the full-text version of these and other New Mexico divorce statutes online here: New Mexico Divorce Laws.