New Mexico § 40-4-7.1 Use of life insurance policy as security

New Mexico Statutes

§ 40-4-7.1 — Use of life insurance policy as security

New Mexico § 40-4-7.1

Ch. 40Domestic Affairs

Art. 4Dissolution of Marriage

This text of New Mexico § 40-4-7.1 (Use of life insurance policy as security) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 40-4-7.1 (2026).

Text

In any proceeding brought pursuant to the provisions of Section 40-4-7 NMSA 1978 or in any other proceeding for the division of property or spousal or child support brought pursuant to the provisions of Chapter 40 NMSA 1978, the court may require either party or both parties to the proceeding to maintain the minor children of the parties or a spouse or former spouse as beneficiaries on a life insurance policy as security for the payment of:

(1)support for the benefit of the minor children;

(2)spousal support; or (3) the cost to equalize a property division in the event of the death of the insured on the life insurance policy. The court may also allocate the cost of the premiums of the life insurance policy between the parties.

Free access — add to your briefcase to read the full text and ask questions with AI

In any proceeding brought pursuant to the provisions of Section 40-4-7 NMSA 1978 or in any other proceeding for the division of property or spousal or child support brought pursuant to the provisions of Chapter 40 NMSA 1978, the court may require either party or both parties to the proceeding to maintain the minor children of the parties or a spouse or former spouse as beneficiaries on a life insurance policy as security for the payment of: (1) support for the benefit of the minor children; (2) spousal support; or (3) the cost to equalize a property division in the event of the death of the insured on the life insurance policy. The court may also allocate the cost of the premiums of the life insurance policy between the parties.