Dividing an insurance settlement, during divorce.

[blt505]

Can someone help me with this please.

Wife and I separated and I took motorcycle that was acquired during our marriage. At the time I was working. I used my income and my credit alone to secure the loan and the motorcycle is in my name only. She has never operated it, ridden on it or even possess an endorsement to operate it. The vehicle was covered under our joint auto insurance. We separated back in March. I had the motorcycle in my possession at my apartment and it got stolen. I received the settlement check from the insurance company but it is made out to both of us. my name AND hers.

I asked if she would sign the check and let me have all the money due to my financial issues and she said no. I then looked up this law in the State of New Mexico....



40-3-14. Management and control of other community personal property.




A. Except as provided in Subsections B and C of this section, either spouse alone has full power to manage, control, dispose of and encumber the entire community personal property.




B. Where only one spouse is:




(1) named in a document evidencing ownership of community personal property; or




(2) named or designated in a written agreement between that spouse and a third party as having sole authority to manage, control, dispose of or encumber the community personal property which is described in or which is the subject of the agreement, whether the agreement was executed prior to or after July 1, 1973; only the spouse so named may manage, control, dispose of or encumber the community personal property described in such a document evidencing ownership or in such a written agreement.




C. Where both spouses are:




(1) named in a document evidencing ownership of community personal property; or




(2) named or designated in a written agreement with a third party as having joint authority to dispose of or encumber the community personal property which is described in or the subject of the agreement, whether the agreement was executed prior to or after July 1, 1973; both spouses must join to dispose of or encumber such community personal property where the names of the spouses are joined by the word "and." Where the names of the spouses are joined by the word "or," or by the words "and/or," either spouse alone may dispose of or encumber such community personal property.

Can someone help me with this and tell me if this law pertains to my situation and if it means that in a nut shell, I am legally entitled to the entire settlement check.

Thank you

[Fatheroffour]

My interpretation is that it means you have the right to sell it, control it, etc but it doesn't mean it is 'yours'. Its marital property.

[Bubba Seal]

meaning the settlement check on the motorcycle is half hers