One of the most important aspects of a divorce is for the court to determine how assets and debts are divided among spouses. New Mexico follows the “community property” legal system, which holds that all assets acquired during a marriage that are not considered separate property are community property and will be split during a divorce.
One of the most important aspects of a divorce is for the court to determine how assets and debts are divided among spouses. New Mexico follows the “community property” legal system, which holds that all assets acquired during a marriage that are not considered separate property are community property and will be split during a divorce.
Understanding the divorce procedure in New Mexico before you file can help reduce the stress and emotional turbulence divorce brings, and will likely help you save time and money. Let’s explore the divorce process from start to finish.
Deciding to get a divorce can be one of the most difficult decisions in your life. But once the decision has been made and the “petition for dissolution of marriage” has been filed, it’s important to organize and prepare yourself for the divorce process that lies ahead.
If you have been served with divorce papers, that means your spouse has filed a “Petition for the Dissolution of Marriage” and initiated the first step in the divorce process to legally dissolve your marriage in New Mexico. This can be an emotionally trying experience, especially if you weren’t expecting it.
If you’ve made the decision to get a divorce in New Mexico, it’s a good idea to consult with a knowledgeable divorce attorney to discuss your options. Also, understanding what lies ahead in the process can save you time and energy down the road.
Perhaps the most important characteristic of a bankruptcy is that is brings all of the debtor’s assets and all of their debts into the same arena so the court may weigh one against the other. When it comes time for creditors to get paid, the court will use claim priority to determine who gets what.
We’ve established that bankruptcy and failure are in no way synonymous. So, how does it work? How can bankruptcy be used to get on the path to financial and personal success? To better understand it, let’s break down bankruptcy and discover what it’s all about.
Fortunately, the days when Americans could be imprisoned for failure to pay private debts is long gone. That’s good, since the average American had $6375 of unpaid credit card debt in 2017 – over $1 Trillion in total debt.
It was common for those who ran the debtor’s prisons to charge their prisoners for room and board, adding to the debt they were attempting to work off. This effectively created a self-perpetuating debt cycle, trapping those that fell into it in indentured servitude – what we would call slavery.