When a couple divorces, they must decide how to divide their assets. This includes real estate, collectibles, vehicles, investment funds, and other items of value. Some couples can negotiate how best to divide their property without court intervention. But when there is a dispute, the courts will decide how assets are divided based on property division laws in Alaska.
Dividing assets
Alaska is one of the many states that follow equitable distribution guidelines. This means that assets will be divided among both parties in an equitable, but not necessarily equal, manner. Marital property includes anything of value that was bought or earned during the marriage. Some assets like inheritances, gifts given from one spouse to the other, premarital assets, and more are usually not considered marital property. In some cases, property acquired before the marriage can be considered marital property.
When dividing property, the court will consider factors like the length of the marriage, the age of both parties, the earning potential of both parties and the overall financial situation. When it comes to the family home, the court will consider many factors when deciding who retains the property. The specific needs of one or both parties may also influence the court’s decision.
Advice is always helpful during divorce
The stress of divorce can create challenges that make one feel uncertain about how best to negotiate asset division and other important divorce matters. Alaskans who have decided to divorce can benefit from consulting an attorney as the first step in the process. An experienced family law attorney can provide guidance on how best to proceed forward.