ASSET AND DEBT DIVISION
AND DISTROBUTION
- Asset and debt considerations include:
- Bank accounts and other cash resources
- Stocks and bonds
- Whole life insurance policies
- The marital home
- Any other real estate
- Vehicles
- Business assets
- Recreational assets such as boats or ATVs
- Household pets or livestock
- Retirement accounts and pensions
- Household goods/collectibles
- Credit card debts
- Lines of credit
- Mortgages
- Tuition
- Student loans
- Vehicle loans
Separate property is property acquired before marriage, after divorce or by gift or inheritance during marriage. Community property is property acquired during marriage which is not separate property. Parties can agree as to what is separate or community. Property includes rents, issues and profits. Property not divided or disclosed in divorce may lead to additional, expensive litigation as undivided property. Generally debts acquired before marriage or after a divorce or legal separation are separate debts. Gambling debts are separate debts. General debts acquired during marriage are community debts.
The net value of the community estate will usually be divided equally between the parties once the value of the debts is subtracted from the value of the assets, As New Mexico’s first and most experienced family law firm, Atkinson & Kelsey has achieved satisfying results for countless clients in situations that span a wide range of asset and debt levels.
A THOROUGH REVIEW OF ALL ASSETS IS AN IMPORTANT BEGINNING
We pay very close attention to property identification, characterization and distribution. We are committed to the overriding goal of protecting our clients’ rights and interests. The key to achieving a fair result in property distribution is to determine the accurate value of assets and debts, including their characterization as separate or community.
BUSINESS ASSET VALUATION
Where the asset and debt situation is complicated, the lawyers at Atkinson & Kelsey protect their clients by using their extensive experience in negotiating and litigating business and asset valuation. We work with appraisers, accountants and financial professionals who can help to value assets and debts and assist during the negotiation or litigation process. Many unique or complex issues may arise concerning a closely held business, ranch land, intellectual property, an oil or gas royalty stream, an unexercised stock option or an art collection. We have extensive experience in valuing these types of assets, including both tangible and intangible property. We can protect your interests while working to achieve a fair and reasonable result.
We handle every family law matter using the appropriate legal tools, including legal advice, mediation, collaborative law and litigation. Our litigation practice also includes appellate work.
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Need diligent asset identification and division? For a consultation with an attorney at Atkinson & Kelsey, call 505-883-3070 or write us using this online form.