The spin polarization of electrons from multiphoton ionization of Xe by 395 nm circularly polarized laser pulses at 6×10^{13} W/cm^{2} has been measured. At this photon energy of 3.14 eV the above-threshold ionization peaks connected to Xe^{+} ions in the ground state (J=3/2, ionization potential I_{p}=12.1 eV) and the first excited state (J=1/2, I_{p}=13.4 eV) are clearly separated in the electron energy distribution. These two combs of above-threshold ionization peaks show opposite spin polarizations. The magnitude of the spin polarization is a factor of 2 higher for the J=1/2 than for the J=3/2 final ionic state. In turn, the data show that the ionization probability is strongly dependent on the sign of the magnetic quantum number.