Divorces can be a messy affair, especially when it comes to property division. This can be even more complicated in a high net worth divorce. In New Mexico, property is divided equitably during a divorce. This means that property is divided fairly and not necessarily equally.

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What Is Considered Property?

Property can include anything that a couple owns together. This can include real estate, investments, businesses, cars, and even furniture. In a high net worth divorce, property can include a wide range of assets and investments that have been amassed over the course of a marriage.

Equitable Distribution

New Mexico is an equitable distribution state. This means that property is divided fairly, and not necessarily equally. There are a number of factors that go into determining what is fair, including:

The length of the marriage
The income and earning capacity of each spouse
The contributions each spouse made to the acquisition of marital property, including homemaker contributions
The value of each spouse’s separate property
The existence of a prenuptial agreement

Separate Property

In New Mexico, separate property is not divided during a divorce. Separate property is typically any property that was acquired before the marriage, or after the filing of the divorce. This can include inheritance, gifts, or personal injury awards.

Valuing Property

In a high net worth divorce, determining the value of property can be a complex process. This is particularly true for things like businesses, art collections, and investments. In many cases, appraisals may be necessary in order to determine the true value of these assets. Once the value of property has been determined, it can be divided equitably between the spouses.

Division of Debts

In addition to dividing property, debts will also need to be divided during a divorce. This can include mortgages, credit card debt, and other loans. In New Mexico, debts are also divided equitably.

Seeking Legal Help

Divorces can be complex, particularly when it comes to dividing property in a high net worth divorce. It is important to seek the help of an experienced attorney who can help guide you through the process. An attorney can help you to determine what is fair and equitable when it comes to dividing property, and can help ensure that your rights are protected during the divorce proceedings.

Conclusion

Divorces can be complicated, particularly when it comes to dividing property in a high net worth divorce. In New Mexico, property is divided equitably, which means that it is divided fairly and not necessarily equally. If you are going through a high net worth divorce, it is important to seek the help of an experienced attorney who can help guide you through the process. An attorney can help ensure that your rights are protected, and can help you to achieve a fair and equitable division of property.