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Divorce in New Mexico for Women? How to protect your ass-ets.
The rate of divorce among women over 60 is on the rise. Now that you are older, there is a lot at stake. It’s not just about divvying up assets. Especially, if you are the lesser earner, it’s important to secure your future. How can you do that?
Downsizing from the family home
It’s where the kids grew up and you spent many hours picking out drapes, color schemes and tending the flower beds in the front yard. However, taking on the full mortgage, if it’s not in your budget, can prove to be disastrous to your finances. Just keeping up with annual repairs and the inevitable hot water heater or A/C failure can but a huge strain on your bank account. Downsizing to a smaller property and taking a share of your spouse’s pension will leave you in a better financial situation. Always, keep your retirement in the back of your mind and have a fallback plan.
Double check your spouse’s accounting of his assets
At the time of divorce, both parties are legally required to fully disclose the value of their assets. Even so, the worth of assets such as businesses and pensions can be complicated and there are ways to hide their exact amounts. It would be wise to have a financial adviser or planner as well as a family lawyer go over all the financial statements.
Don’t let outstanding debt fall between the cracks
In New Mexico a women can be held jointly responsible for all debts incurred during the marriage, even those in their spouse’s name. Make sure you are aware of the extent of any unpaid debts and consider the aftermath they could have on your credit report. Talk to a family lawyer about cutting all financial ties, like joint bank accounts and credit cards as soon as possible.
Finalize all documents and change your will
If there is no legal, signed agreement, either party can make further claims for income or assets, even if they are obtained after the marriage has been dissolved. Make sure there are no bad surprises in your future by having a family lawyer draw up a legal document protecting your assets. Change your Will to reflect which beneficiaries you want your assets bequeathed to.
PJ Hartman can work to help you obtain health insurance, and to otherwise obtain or retain key assets and incomes during your divorce proceedings and for years to come. She is an experienced lawyer committed to protecting women’s rights.
PJ Hartman’s firm accepts credit cards, charges competitive rates, and is conveniently located right off of I-40 in downtown Albuquerque, near the courthouse. To contact the firm, call 505-247-3335 or 505-247-3335.