1110 Pennsylvania Street NE Suite C | Albuquerque, NM 87110 | (505) 830-6563

Divorce Debunked: Assets

Going through a divorce can be heart wrenching. Along with the trauma of dealing with who has custody of the children, there is often a lot of drama around who gets to keep what.  Movies like War of the Roses, where a couple battles literally to their mutual death over their house, may be exaggerated, but the basic premise is sound.  People get really wound up over their stuff, and often resort to extreme measures to get what they want, or at least keep the other spouse from getting the car, the house, valuable artwork, etc. 

One bad piece of advice that gets circulated a lot is that concealing assets is a good divorce strategy. Nothing could be further from the truth.

Especially in a state like New Mexico, which is a community property state, attempting to conceal assets from your soon-to-be-ex spouse is a very bad idea. Not only is it likely to be an unsuccessful attempt, but once the judge discovers what you’re up to, your case will be poisoned in his or her eyes. That’s a headache you do not need.

Maybe you’re too clever to blatantly hide assets. Instead, you have the bright idea that you will “sell” a coveted possession to a friend or loved one for a fraction of its value, with the understanding that you’ll “buy” it back once the divorce is final.  Try to resist the temptation.  Not only is this tactic seldom more effective than outright hiding assets, in many cases it isn’t necessary to resort to such extremes. 

There are measures in place to protect personal assets to which you have a legitimate right to keep separate from your soon-to-be-ex spouse. Examples of property that generally don’t fall under the community property category include property obtained before the marriage, an inheritance that you receive individually, even after the marriage and a gift from a third party made specifically to you. There may be other measures you can take to protect personal property that adhere to the law – the secret is getting the advice of a competent attorney.

For more advice on why attempting to hide assets is a bad idea, check out our video:

And if you need the advice of an attorney for a divorce, give us a call at (505) 830-6563!

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Specializations

We practice in all areas of divorce and family law including:

  • Women’s Divorce
  • Men’s Divorce
  • Military Divorce
  • Legal Separation
  • Paternity
  • Child Custody
  • Timesharing
  • Child Relocation
  • Child Support
  • Alimony
  • High Asset Cases
  • Community Property Division
  • Division of Community Debt
  • Division of Retirement Assets
  • Protection of Separate Property
  • Enforcement of Orders
  • Modification of Orders
  • Mediation
  • Domestic Violence
  • Grandparents’ Rights
  • Guardianships
  • Guardian Ad Litem
  • Adoption
  • Prenuptial Agreements
  • Uncontested Divorces

 

See what our clients have to say:

From Joann:

"All members of this law practice were well informed and very kind and considerate to me during the very emotional and complex process of dissolving my 34 year marriage. They understood the intricacies of dealing with challenging manipulations by opposing counsel who was led by my spouse's lack of follow through regarding the home property. At all times, I was treated with the utmost respect whenever I contacted the office no matter my emotional condition. This law practice was warm and supportive during moments of tricky litigation regarding our pension equalization. They kept in contact with me even when I was out of town so that we could file motions in a timely manner. They advised me appropriately when I wanted to seek more, understanding from experience that certain offers were adequately appropriate. In follow up, they were family oriented and shared their family events when I shared mine. I have referred close family friends in need of family law services and have been thanked by these friends for the quick and knowledgeable resolution of their problems. I will gladly refer other friends and acquaintances to this law practice. They were able to attend to both the younger family with minor age children and the more mature couple with pensions resolving all conflicts in favor of their clients.
 
This law practice KNOWS family law!"
 
From Linda:
 

"Our daughter hired Bo Frazier as her attorney in a long drawn out 4 year divorce, and anytime I called or emailed them, their response was within a day. We live in Hobbs, and the firm is in Alb. but it didn’t matter, things were addressed quickly.

If you want an excellent firm to fight for you, choose Frazier Law Firm."

 

 

 

 

If it involves divorce or family law, we can help you!

 

1110 Pennsylvania Street NE Suite C | Albuquerque, NM 87110

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