Married couples in New Mexico who want a divorce should know that state law requires both parties to be equally responsible for all incurred debt during their marriage.
For instance, you would still be liable for your spouse’s credit card debt even if you were unaware of it. This law stems from New Mexico being among the community property states in the U.S.
Whether you knowingly incurred debt during your marriage or not, family law attorneys in Albuquerque, NM would be able to advise you on the best possible solution for your debt woes. Legal counsel would be especially important if a loan remains outstanding after you ended the marriage.
The other community property states comprise of Arizona, California, Idaho, Louisiana, Nevada, Texas, Washington, and Wisconsin. Elsewhere in the country, the laws in other states involve the equitable distribution of debt. Some experts said that a court might still divide the share of debt as well as any assets during a divorce, even if you live in a community property or equitable distribution state.
Burden for Children
While dividing debt between your ex-spouse is important, couples should aim to make the divorce proceedings as peaceful as possible for the sake of their children. A report showed that divorce plays a significant role in a child’s adverse childhood experiences (ACE).
New Mexico ranked among the top five states with the highest ACE rate among children. The report said that young people in the state already experienced three or more cases of ACE between birth and 17 years old. The report based its findings from a 2016 National Survey of Children’s Health comprising more than 50,000 respondents.
A good family lawyer should be your priority when dealing with debt concerns during a divorce, although you also need to consider how to minimize the impact it would have on your children.