For many married couples in New Mexico, money can be a common source of woe. Many a marital argument has involved finances. For some couples, financial troubles can become so severe that they even contribute to the irrevocable breakdown of the marriage. When this happens, one of the things people must find a way to do is split up their debt.
Residents in New Mexico who are getting divorced generally have to endure the process of splitting up their marital estate. Most people commonly think about how to divide assets but also involved in this process is the division of debt. Figuring out how to assign a couple's debt can often be a complicated thing.
When getting divorced in New Mexico, some couples have historically agreed that one spouse will pay alimony to the other for a period of time after the divorce is finalized. These monies are generally considered a way of assisting the person who earns less money while they adapt to living on a reduced income. The person who receives spousal support payments has added these payments to their income tax return as actual income. The person who makes the spousal support payments has been able to deduct the money from their income tax return.
Getting through a divorce is tough enough without having to continually live on the edge emotionally in the aftermath. If children are involved, it is even worse for them and of course, you want to minimize their pain. If you are going through a divorce, the legal team at Sanders Law Firm knows it can be an emotional roller-coaster. We have helped many clients in this situation and we have some ideas that can help you co-parent through the tough times.
Going through a divorce is hardly an easy task, especially when it leaves one in a financial predicament. Although New Mexico operates like most other states when it comes to divorce and alimony, studies show that some struggle financially more than others after this life event. Despite the challenges, there are ways to find financial freedom and ultimately peace of mind.
Going through a divorce can affect different family members in equally different ways. Many New Mexico parents who are jumping over the hurdles of the divorce process understand this sentiment all too well. For those with young children, the step of informing them of the divorce can seem an entirely separate challenge. Below are some strategies to keep in mind when explaining divorce to younger family members.
When you are going through a divorce in New Mexico, you find it is hard enough all on its own, without having to be reminded of your ex-spouse every month when you get a check in the mail. Of course, you want and need that alimony payment to get back on your feet and build a new life. If only you could have the money without the reminder of a bad marriage every month.
Divorce can open many doors that may have once been sealed, but first, ex-spouses must jump through the legal and financial hoops. It is natural for this complex process to involve equally complex feelings; after all, there are many phases to dealing with life after divorce. New Mexico residents going through this difficult time may have more questions than answers regarding new schedules, child custody arrangements and other aspects of daily life.
If you are a New Mexico resident who is considering getting married soon, you might wonder if you should create a prenuptial agreement with your future spouse. While certainly it may not seem as romantic as planning a wedding, discussing matters to be put into a prenup may end up being even more important to your future. If you or your partner may want to stay home to raise any children you ultimately have, a prenup may be extremely valuable to you.