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Home dissolution of marriage What You Need To Know About the "Schedule of Asset and Debts"

What You Need To Know About the "Schedule of Asset and Debts"

April 10, 2017 by Kuffer Law

In any divorce in New Mexico, there comes a time when you have to deal with finances. In this state’s family law, there is a rule known as 1-123 that requires divorcing couples to disclose their finances in detail on a forms known as the “Schedule of Asset and Debts.” Keep reading to learn more about these schedules and some hints for surviving their compilation.

Why you need it

The financial schedule is required by law in divorce because it paints a full picture of the marriage’s assets and debts. This can help you and your spouse reach an agreement that is fair to both parties. Having your finances spelled out in black and white can also speed along the settlement process. Money and property tend to be sticky subjects when it comes to divorce, so the less confusion about these areas, the better.

What to expect

This forms are exactly what they sound like: a listing of all your income, assets and debts. On them, you will need to put all the assets you own in your name alone and all the joint assets you and your spouse own, like the family home. Debts you owe on your own and with your spouse are also included, along with your income from your job or self-employment. In addition to all that, you’ll need a full list of your expenses and passive investments, which are things you earn money from that you don’t run on a day-to-day basis. If you’re in a partnership that produces money for you, for example, but you act just as an investor, that would be considered passive.

Making your statement more manageable

It can seem overwhelming at first to have to break down your complete financial picture in detail. To make it easier and less likely that you will miss something, start off with a list of three tasks related to the statement. For example, you could put that you need the last mortgage bill, a copy of the deed to the family home and an estimate of the family home’s current value. Once you get all three things done, make a list of another three things to accomplish and get it done. Repeat this process until you have all that you need. If you find yourself getting frustrated, return to the first item on your current list and start again. To help prioritize, you can jot down the next three things in line that you’re sure are the most important, and decide on a specific time of day to work on getting those items handled. Stick to those times to ensure your statement is done in a timely manner.

Depending on your situation, your schedule could get pretty long. To keep things easier to manage, you can group similar items together on your three-goal list. For example, things related to your house could be one list, while things related to your retirement accounts could be another. Tweak your approach until you find the most effective list-making format for you. By the time you are done, you will have a comprehensive schedule that is accurate.

Accuracy is key

Your financial statement must be accurate. If you leave out some debts, for example, you may find yourself struggling later. If you miss assets, it could cause problems during the settlement process, especially if your spouse believes you were hiding the assets on purpose.  Our staff can help you to determine what you need to provide and can help you in organizing the information as well.

Speak to an experienced family law attorney about your New Mexico divorce today. A legal professional can help you with your statement questions and work to ensure you are being as complete as possible.

Filed Under: dissolution of marriage, divorce lawyer, divorce settlement, filing for divorce, General, Uncategorized

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About Us

Dorene Kuffer is the senior and principle attorney with over 30 years practicing all aspects of criminal and family law in New Mexico and Illinois. In 2007, Dorene moved to New Mexico, where she is licensed to practice before the 10th District Court, the United States Supreme Court and the United States Tax Court as well as all magistrate, metropolitan and district courts in New Mexico.

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Law Office of Dorene Kuffer

Albuquerque Office
500 4th Street NW, Suite 250
Albuquerque, NM 87102
Tel: 505-924-1000

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150 Washington Ave, Suite 201
Santa Fe, NM 87501
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  • Home
  • About Us
    • Our Staff
      • Dorene Kuffer
      • Caitlin C. Dupuis
      • Niva J. Lind
      • Joyce Hammerschmidt
      • Jill Anderson
      • Brandee Cartwright-Jones
    • Questions
    • Links
    • Testimonials
  • Practice Areas
    • Child Law
      • Adoption
      • Child Support
      • Child Custody
      • Child Visitation and Support
      • Child Custody Modification
    • Juvenile Law
      • Bullying in School
      • Child Charged as an Adult
    • Divorce Lawyer
      • Spousal Support
      • Divorce Mediation
      • Prenuptial and Postnuptial Agreements
    • Criminal Lawyer
    • CYFD Cases
    • Domestic Partnership Agreements
    • Domestic Violence Resources
      • Orders of Protection and Restraining Orders
    • Elder Law Attorney
    • Father’s Rights
    • Legal Separation
    • Marital or Premarital Agreements
    • Wills & Estates
  • LGBT
    • Gay and Lesbian Rights
    • LGBT Adoption Lawyer
    • LGBT Child Custody
    • LGBT Divorce
    • LGBT Domestic Partnerships
    • Domestic Violence
    • Mediation
    • Second Parent Adoptions
    • LGBT Spousal or Partner Abuse
  • Santa Fe
    • Divorce Law
    • Complex & High Asset Divorce
    • Child Custody
    • Child Support
  • Blog
  • Contact Us