Property Division in Albuquerque New Mexico
Achieving equitable distribution of property can be a complex process wrought with emotion. For this reason, it is important to hire an experienced attorney to make sure you don’t get the short end of the stick. A good family law attorney can help protect your rights and interests when it comes to dividing your property in a divorce or separation.
Property Division
All property in New Mexico falls into one of two categories:
Community Property
Community property is that property obtained or purchased during the marriage, regardless in whose name the property is titled.
Separate Property
Separate property is property you earned before you got married, or property given to you or inherited by you during marriage.
Sometimes community property can have separate liens if separately earned money purchased community property. Likewise separate property can have community liens if community money was used on a separate asset. At Cortez Family Law, we can help you properly categorize property and fight for what is legally yours.
Qualified Domestic Relations Order
One of the most difficult aspects of property division in a divorce is the division of retirement accounts. If your retirement plan is a defined contribution plan, such as an Individual Retirement Account (IRA) or Thrift Savings Plan (TSP), a Marital Settlement Agreement should suffice to divide the retirement subsequent to a divorce. A 401(k) is also a defined contribution plan, however, this asset will require a Qualified Domestic Relations Order (QDRO) to divide it subsequent to a divorce. If your retirement account is a defined benefit plan, such as a Civil Service Retirement Plan, Educational Retirement Account (ERA) or Public Employee Retirement Account (PERA), you will also require a QDRO to divide the retirement.
A QDRO is a document that divides the retirement subsequent to the divorce. While it may be possible to draft a QDRO without an attorney, it is not advised. A QDRO is a very specialized document that requires extremely precise language in order to effectively divide your retirement account. The omission of one paragraph can lead to severe and permanent consequences.
Contact Cortez Family Law for Legal help with Property Division in New Mexico
At Cortez Family Law, we have the knowledge and expertise to divide your assets, including your retirement accounts. With almost 20 years of experience, we provide you with exemplary legal service based on the knowledge and wisdom we have gained over the years. Contact our property division lawyers today for a free consultation.