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.
History: 1978 Comp., § 40-4-7.1, enacted by Laws 1993, ch. 110, § 1.
Structure New Mexico Statutes
Article 4 - Dissolution of Marriage
Section 40-4-1 - Dissolution of marriage.
Section 40-4-2 - Incompatibility.
Section 40-4-4 - Venue; jurisdiction over property.
Section 40-4-5 - Dissolution of marriage; jurisdiction; domicile.
Section 40-4-6 - Verification of petition.
Section 40-4-7 - Proceedings; spousal support; support of children; division of property.
Section 40-4-7.1 - Use of life insurance policy as security.
Section 40-4-7.2 - Binding arbitration option; procedure.
Section 40-4-7.3 - Accrual of interest; delinquent child and spousal support.
Section 40-4-8 - Contested custody; appointment of guardian ad litem.
Section 40-4-9 - Standards for the determination of child custody; hearing.
Section 40-4-9.1 - Joint custody; standards for determination; parenting plan.
Section 40-4-10 - Appointment of guardian ad litem.
Section 40-4-11 - Determination of award of child support; notice to withhold income.
Section 40-4-11.1 - Child support; guidelines.
Section 40-4-11.2 - Grounds for deviation from child support guidelines.
Section 40-4-11.4 - Modification of child support orders; exchange of financial information.
Section 40-4-11.6 - Attachment of guideline worksheet to order.
Section 40-4-12 - Allowance from spouse's separate property as alimony.
Section 40-4-13 - Spousal support to constitute lien on real estate.
Section 40-4-14 - Allowance in property; appointment and removal of guardian.
Section 40-4-15 - Child support to constitute lien on real and personal property.
Section 40-4-16 - [Satisfaction of liens.]
Section 40-4-17 - [Motion to remove lien; bond for alimony or support payments.]
Section 40-4-18 - [Limitation of liens under Laws 1901, ch. 62, 28, 29.]