What is Community Property?

New Mexico is a community property state. Community property is all property that was acquired during marriage. Sounds simple right? Well it gets more complicated in real world application.

But, first…why even worry about community property. Well NM is a community property state. This means that all property acquired during marriage is supposed to be split 50/50. For some property that is very simple, but what about these sorts of issues…The purchase of a house with a down payment from one of the party’s inheritance. This is a mixture of community and separate property. Or…what about a retirement account that was acquired before marriage but contributed to after marriage? Or…what about property acquired after marriage but then one of the parties remove their name from it? These, as well as other real life examples, cause many people confusion, frustration and thousands of dollars in fees.

Know your rights when it comes to community property. To learn more contact us at info@JusticeLegalGroup.com or call us at 505-880-8737.