A New Mexico Marital Settlement Agreement (MSA) is a legal document used to resolve the terms of a divorce between two spouses living in New Mexico. The MSA outlines how the couple will divide property, assets, debts, and alimony, as well as how they will handle child custody, visitation and support. It is a contract that both spouses must sign in order to make their divorce binding. There are two types of New Mexico Marital Settlement Agreements — Uncontested and Contested. An Uncontested MSA is an agreement mutually agreed upon by both spouses and is usually less complicated and less expensive than a Contested MSA. A Contested MSA is more complex and requires more negotiations as the spouses are not able to agree on all aspects of the divorce. In both cases, a lawyer should be consulted to ensure all necessary clauses are included in the MSA.
New Mexico Marital Settlement Agreement
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How to fill out New Mexico Marital Settlement Agreement?
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FAQ
New Mexico is a no-fault divorce state which means the misbehavior of the parties during the marriage has no bearing on the division of the property and debt on dissolution of the marriage. Though it may seem unfair, it is the law.
New Mexico is a ?community property? state and also an ?equitable distribution? state. This means that marital assets and debts are generally split 50/50 between the spouses unless another division is agreed by the spouses.
When Do I Have to Pay Spousal Support in New Mexico? Generally speaking, if you make significantly more money than your spouse, and you have been married for more than 5 years, you may have to pay alimony if your soon-to-be-ex requests it.
New Mexico Alimony Basics Generally speaking, the court will consider: the spouses' ages, health and means of support. each spouse's current income, future earnings, and "earning capacity" (potential income based on education, job history, skills and employment opportunities)
New Mexico is a ?community property? state and also an ?equitable distribution? state. This means that marital assets and debts are generally split 50/50 between the spouses unless another division is agreed by the spouses.
Is New Mexico an alimony state? Yes. There are certain factors that must be met, however, before an award of alimony is appropriate. The most important factors seem to be a sufficiently long marriage, sufficient financial need by the receiving spouse, and sufficient ability to pay by the paying spouse.
Dissipation of martial assets is legal jargon that means ?wasting community money.? New Mexico is a community property state. This means that most assets or debts accumulated during the marriage are split 50-50 upon divorce. Money that is earned during the marriage is considered a community asset.
For anyone historically paying or receiving alimony payments prior to December 31st, 2018, the law hasn't changed. Payors can continue to treat the payments as deductible and recipients will continue to report them as taxable income.