Financial Disclosures in New Mexico

Three Rules to Surviving Your Financial Disclosures in New Mexico

Bank Statement

It is time for the dreaded Schedule of Assets and Debts. A required document when filing for divorce that constantly intimidates, overwhelms, and, yes, irritates most people. It may not by the number one question we hear, but without a doubt it makes the A list– “Do I really have to disclose everything on this document?”

The answer to this question is found in Rule 4-123 of New Mexico’s Family Law. The mandatory financial disclosure requires both spouses to produce information about:

• Individual and joint assets
• Individual and joint debts
• Income, such as income from wages, self-employment, and passive investments, and expenses.

Completing this document helps in three ways. One, it helps both parties understand what the debts and assets are. Two, it helps reach a settlement. Three, it allows a fair resolution to the division of property.

Now that you understand the benefits of a full financial disclosure let’s break it down into three steps to make it more manageable and less overwhelming.

Select the first 3 things you need to do and jot them down on a piece of paper, such as make a copy of the house deed or get a copy of the latest mortgage statement or search Zillow for the house’s fair market value. Once you have your list, complete it! If you get deterred, go back to number 1 and start again. When you start to get discouraged remember you only have 3 things on your list. After the first three items are checked off, make another list with 3 things to accomplish. Finish those three things before you move on to the next 3. Before you know it you will have all the information for a complete financial disclosure.

Before you turn in for the night, write down the next 3 things that you feel are the most important. Determine a set time of the day that you can work on these 3 things and stick to it. By using this technique you will always be working on your priorities.

Schedules of Assets and Debts can get very long. A good option would be to group similar issues together. For example, assets; house, cars, bank accounts, rental units, etc. Some people like to work on the same group until it is completed, while others like variety and will do 3 things from one group and then 3 things from a different group.

This isn’t rocket science. It is just good advice for making an overwhelming task seem more doable.

Contact PJ Hartman, Attorney At Law, To Get The Guidance You Need on Divorce Questions in Albuquerque