New Mexico is one of only a few states that follows the law of community property. In general, this means that when either spouse acquires property during the marriage, that property is presumed to be community property. Community property laws apply to real property, such as land and houses thereon, as well as personal property, such as cars and home furnishings.
If you are involved in marital dissolution proceedings or you may be later this year, taxes may be the last thing on your mind. After all, April 15 passed a few months ago. But you can be best prepared for tax consequences when you know what to expect. This article will help you do that, giving the five top tax tips for when you’re going through a divorce.
Have you ever wondered what the term “joint custody” means? In New Mexico, there is an initial legal presumption that the best interests of a child are served by awarding joint custody to both parents. But once a court decides to award joint custody, what does that mean for the child and the parents? In New Mexico, the term “joint custody” has a very specific meaning that is defined by law. The short legal definition is that it “means an order of the court awarding custody of a child to two parents.”
The phrase “best interest of the child” is used throughout New Mexico laws, particularly in those relating to child custody, child abuse and neglect, parentage, and even grandparent visitation. Most people encounter the term in relation to child custody, where it has a very specific, well-defined meaning.
When a marriage ends, one of the first and foremost questions people have is “who gets what?” In a New Mexico dissolution proceeding, one of the primary tasks of the court is the division of the couple’s property. This task can be made much more difficult if community and separate property have been mixed. This is known as “transmutation.” “Transmutation” is just a fancy way of saying that something has been transformed or changed.
Proceedings for dissolution of marriage can be pretty messy. Both marriage and divorce go to the very heart of what makes us human: our personalities, our relationships, and our children. When a marriage fails, it can cause us to think differently about ourselves, our families, and even the society we live in. Although not for every case, binding arbitration can be an effective tool in resolving marital dissolution proceedings.
Incompatibility. Irreconcilable differences. Words like these may seem intimidating, particularly in the context of a lawsuit of any kind. At bottom, though, they both just refer to the inability of two people to get along.
In all states, parents have a legal duty to support their children. A court order requiring […]
Retirement accounts are considered community property in New Mexico. That means that any retirement funds accumulated […]
Two parties who are dissolving their marriage are faced with the unpleasant task of dividing their […]