What Financial Information Do I Have to Disclose in My NM Divorce?

Divorce, commonly called “dissolution of marriage” in New Mexico, brings about many changes. One great change is in financial status. Dissolution of marriage also means separation of a couple’s financial lives.

When married couples split, there will be two households to maintain. The cost of living can double, as each spouse must defray expenses separately. There will be two payments for mortgages or rent, bills, groceries, and so on. Legal obligations such as alimony (spousal support) and child support can help a struggling spouse but often do not solve the problem.

One of the actions each party can take to help manage financial well-being when getting a divorce is to provide a full and accurate disclosure of financial information. In New Mexico, both the “petitioner” (the spouse requesting divorce) and “respondent” (the other spouse) are mandated by law to furnish financial disclosures to the court within 45 days from filing the petition of dissolution of marriage.

Basically, this requires both spouses to provide precise details on how much each earns and spends, what they own, and what they owe.

Form 4A-208–Notice of Compliance is the primary form for financial disclosure in New Mexico. This can be obtained from the state’s official court website, www.nmcourts.gov. At the site’s homepage, there is a “Self-Help” link. The “Forms” sub-link redirects to the page containing all approved legal forms in New Mexico. The 4A-208 form is under the “District Court Forms,” then “Domestic Relations.”

The form stipulates additional forms and documents required to suffice full financial disclosure, depending on the issues in the specific divorce. Here are some of the items that often must be disclosed:

  • income and expenses;
  • property, both separate and community;
  • liabilities;
  • tax returns;
  • W-2s and 1099s;
  • work-related daycare statements;
  • dependent medical insurance premiums; and
  • wage and payroll statements.

Each spouse must provide all required documents within the allotted time. However, most importantly, each must swear that all information disclosed is accurate, with no omissions or overstatements. The disclosed information serves as determinants of financial responsibilities of each spouse after the divorce, which may include spousal and/or child support. Thus, any misinformation can negatively impact the divorce outcome. For example, when it is discovered that one spouse conceals some assets, the court may grant more benefit to the other spouse. Moreover, false information can also have other legal repercussions.

An experienced New Mexico family lawyer can ensure you know all of your obligations in a dissolution proceeding. If you are ready to partner with a lawyer who has your best interests at heart, call the Lightning Legal Group. Please contact us at (505) 247-2390 for a free consultation.

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