Attorney
The Eagles have never explicitly stated what the song “Hotel California” is about, but they have said on more than one occasion that the overarching theme is the journey from innocence to experience. So it’s an apt soundtrack for the divorce process — particularly when a hotelier or other business owner is just learning about New Mexico’s law that divides assets 50/50 during a divorce.
Most Albuquerque area business owners do not realize that our state’s community property laws give married couples joint ownership of each other’s assets until they file for divorce. In fact, it was the discovery of this law (during his own divorce), and the subsequent fallout, that inspired Bob Matteucci to head back to school and get his law degree. Now he combines his JD and time spent working as a family law attorney with his MBA and years running his family’s multi-million dollar company, to help other business owners navigate our state’s divorce process.
Understanding New Mexico’s Community Property Law
New Mexico community property law dictates that any assets acquired during the marriage are presumed to be owned equally by both spouses. This includes income, real estate, and whole businesses — like a hotel or chain of hotels. Even if only one spouse managed the business or had their name on the deed, if it was acquired or built up during the marriage, it belongs to both parties equally.
The biggest issue in divorces involving hotel owners, is the division of those shared business assets. A hotel can’t be divided 50/50 with one spouse getting the even rooms and the other taking the odds. Instead, it is the value of the business that is split between the ex-spouses. Doing this often requires selling off the business or allowing one partner to buy out the other.
This can be tricky if selling the business would diminish its overall value or force both parties to look for a new line of work. Or if the business does not have enough liquidity to buy out one of the partners. That’s where Attorney Bob Matteucci comes in.
Business Savvy Solutions for Business Owners Going Through Divorce
Bob’s business experience means he understands better than most divorce attorneys exactly what is at stake when the value of a family owned business like a hotel must be divided. If both parties are willing to work together to seek an amicable solution that allows everyone to continue to profit from the business, he can often come up with a creative solution for dividing the hotel’s current value.
For example, some couples have enough other assets they can allow one partner to take full control of the business while the other walks away with the family home and previously shared retirement accounts. In other cases, he has negotiated alimony payments that effectively buy out one spouse over time so the business does not have to take on extra debt.
It may make sense for hotel owners and other business owners who need to negotiate a split of high-value or complex assets to consider an alternative form of divorce.
- Mediated Divorce – Mediation is the preferred choice of couples who generally agree on the terms of their divorce but need assistance resolving a few high-stakes conflicts or fairly dividing complex assets. The mediator, a neutral third party, works towards steering both sides to a mutually acceptable resolution, and drafts all the paperwork necessary to formalize the divorce.
- Collaborative Divorce – Couples in the Albuquerque area who still trust and respect one another, but no longer want to be married to each other, are increasingly opting for collaborative divorces. Attorney Bob Matteucci is one of a handful of lawyers in New Mexico who are certified to guide couples through this process, which brings professionals like financial planners, business consultants, and counselors to the negotiating table.
Attorney Matteucci is trained to handle both of these types of divorce, and has gotten a lot of positive feedback from high net worth couples he has shepherded through these processes.
Serving Families with Dignity & Compassion
Attorney Bob Matteucci has helped many couples in New Mexico’s booming hospitality industry sever ties with one another without destroying the hotel business their family loves. He is skilled at looking for creative solutions that preserve business operations while allowing everyone involved to move forward with their lives. Please contact Bob today to set up a meeting and discuss your case.