New Mexico is a community property state. The basic rule is that all earnings earned during the marriage and all property acquired during the marriage is community property and is owned equally by both spouses. This includes real property (such as a house or land), personal property (includes cars, etc.), retirement accounts, etc. This is balanced with community debt which is also shared. There are numerous exceptions to the general rule such as inheritance received by one spouse or gift given to one spouse. Also the portion of a retirement account earned prior to marriage is generally not community property. Property is usually divided on a 50/50 formula. Usually through negotiation and adjustment of property values and debts, there is a settlement agreement.
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