Property division is one aspect of divorce that many Alaskans find very stressful. Dealing with money and other assets can bring out the worst in people, especially when they’re already facing other life changes related to divorce. While dividing marital property may not be easy, it must be done as part of the divorce process. Understanding how the state deals with debt and property division can help one be prepared during the negotiations.
Marital property and debt
Marital property consists of anything earned or bought during the marriage. This often includes real estate, vehicles, money, retirement accounts, and other tangible and non-tangible assets. Property in the legal sense can also include debt, which must be dealt with during the divorce. Marital debt includes credit card debt, medical bills, mortgages, and other loans.
Property that was not acquired during the marriage is usually not divided during the divorce process, but instead remains with the original owner. This includes inheritances, premarital assets, gifts received from a spouse, social security benefits, military disability benefits, and assets gained during marriage that came from separate sources. Debt that accrued post-separation is generally not considered marital debt.
Seek advice when dividing property and debt
Divorce can be one of the most stressful events in one’s life. When dealing with such a life-changing situation, it can be comforting to have someone on one’s side to provide legal advice and guidance. Alaskans who are facing divorce can benefit from consulting a family law attorney to get answers to any divorce-related questions and to better understand how to get the process going.