Legal Question in Family Law in New Mexico

When you do the property settlement you will divide community assets and debts. You don't have to split each item 50-50, you each take individual items balancing the total so it's roughly equal, then one can make an equalization payment to make it come out 50-50. So the business can be put into his column. Same with the debts.

Problem with the debts is this: If it's a community debt, which I gather the business debt is that you're concerned about, you are both obligated to pay it off, and a lender can come after either of you for the whole debt. The lender is not obligated in any way by your marital settlement agreement (MSA). So if the debt is assigned to one of you, you need to include in the MSA language that the one taking the debt agrees to hold the other harmless in the event of default. But even this doesn't stop the lender in the event that, for example, your ex dies or goes bankrupt and doesn't have the assets to protect you from the lender. In that case the lender comes after you anyway.

If you can find a way to swing it it would be best to get a new loan in his name only so you're off the hook. Theoretically you could get the lender to agree to change it but that's not likely.