Community Property Act
New Mexico · Domestic Affairs · §§ 40-3-1 to 40-3-9.1 · 19 sections
Overview
This act governs how property is characterized and handled between spouses under a community property framework, setting rules for classifying assets as community or separate, tracing property of mixed character, and treating life insurance policies and their proceeds. It addresses management and control of spousal property subject to a duty of good faith, gifts of community property to third parties, transactions between the spouses themselves, how obligations are satisfied, protections for good-faith purchasers dealing with a spouse, and remedies available between spouses. Couples may depart from the default rules through a marital property agreement, a community property agreement, or a community property trust, and the act further provides for how community property is treated and divided upon the death of a spouse.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 13 court decisions.
Most-cited authority: 639 So. 2d 921 - Ferguson v. Ferguson
Sections covered
- § 40-3-1 NMSA 1978[Law applicable to property rights.]1 cite
- § 40-3-10 NMSA 1978Priorities for satisfaction of separate debts1 cite
- § 40-3-10.1 NMSA 1978Unreasonable debt
- § 40-3-11 NMSA 1978Priorities for satisfaction of community debts
- § 40-3-12 NMSA 1978Presumption of community property; presumption of separate property where property acquired by married woman prior to July 1, 1973
- § 40-3-13 NMSA 1978Transfers, conveyances, mortgages and leases of real property; when joinder required3 cites
- § 40-3-14 NMSA 1978Management and control of other community personal property
- § 40-3-15 NMSA 1978Joinder of minor spouse in conveyances, mortgages and leases
- § 40-3-16 NMSA 1978Disposition and management of real property without joinder and management of community personal property subject to management of one spouse alone where spouse has disappeared1 cite
- § 40-3-17 NMSA 1978Judgments to be recorded
- § 40-3-2 NMSA 1978[Methods for holding property.]
- § 40-3-3 NMSA 1978[Separation of property; admission to dwelling of spouse.]
- § 40-3-4 NMSA 1978Contracts of indemnity; no obligation of community property unless signed by both husband and wife
- § 40-3-5 NMSA 1978Disposition of real property without joinder where spouse is prisoner of war/person missing-in-action
- § 40-3-6 NMSA 1978Short title
- § 40-3-7 NMSA 1978Purpose of act
- § 40-3-8 NMSA 1978Classes of property6 cites
- § 40-3-9 NMSA 1978Definition of separate and community debts1 cite
- § 40-3-9.1 NMSA 1978Gambling debts are separate debts of spouse incurring debt
Enacted in other states
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