In New Mexico, all assets and liabilities acquired during marriage are classified as?

In New Mexico, the legal framework governing the ownership of assets and liabilities acquired during marriage is based on the principle of community property. Community property means that any assets or debts obtained during the course of the marriage are jointly owned by both spouses, regardless of which spouse's name is on the title or who incurred the debt.

This classification reflects the idea that both partners contribute to the marriage, and therefore, regardless of individual earnings or spending, all assets and liabilities created during that time are considered shared. This approach fosters fairness and equitable distribution of property in the event of divorce or separation, as both partners have contributed to the accumulation of such assets and liabilities.

In contrast, separate property refers to assets owned by one spouse before the marriage or acquired by gift or inheritance, and dower and curtsy are outdated legal concepts that pertain to the rights of a surviving spouse to claim a portion of the deceased spouse's estate, which are not applicable in the context of community property. Share marital property is not a recognized term in New Mexico law, which specifically classifies assets and debts as either community or separate property.