New Mexico is a community property state. With some exceptions for gifts, inheritance, or property acquired with pre-marriage funds, every debt and asset acquired between the date of marriage and the date of divorce can be divided between the parties. Deciding what was acquired before marriage or during marriage can be especially tricky in areas such as credit card debt, mortgages, and retirement funds.
How property is divided can be decided by agreement or through the Court. The Court will divide property equally. The parties are also expected to equally divide property during negotiations, but what “equally” means can depend on the circumstances. A valuable service of an attorney is to gather evidence of the types of debts and assets in a property division and determine how to most favorably divide the property for the client.