If you’re someone with a high net worth in Alaska, and you’re unhappy in your marriage, you may hesitate to begin divorce proceedings because you’re worried about losing your assets. While asset division is an essential part of a high-asset divorce, the process can lead to disagreements with your soon-to-be ex if you believe they are asking for more than their fair share. Keep in mind that your marital assets are generally separate from assets either of you acquired before the marriage.
Identify your assets
The first step in asset division is to identify all assets that belong to you and your spouse. It’s important to account for all assets. While it may be tempting to try to hide assets from your spouse, this is illegal and should not occur as it could negatively impact the outcome of your divorce. Marital assets include everything you’ve gained, earned or bought during the marriage. If you owned real estate, cars, expensive equipment or other high-value assets before you were married, the court will generally not consider those during the asset division process.
Assets can include your current home and any other properties you own. Jewelry, vehicles, art and precious metals are some of the many tangible assets the court will consider. Don’t forget to include non-tangible assets like investments, bonds and retirement accounts.
Negotiating asset division
If you have an amicable relationship with your soon-to-be ex, it may be tempting to negotiate between yourselves to decide who gets certain assets. If you do this, be sure to include these negotiations in your formal divorce decree to prevent any misunderstandings in the future. If you’re ending the marriage on bad terms, the court will divide your marital assets equitably, which is not the same as equally.
If you have debt, this must also be part of the property division process. You must deal with all marital debt, like mortgages, credit card debt and car loans. The court will also determine whether it will require one of you to pay spousal support and/or child support if applicable.
Legal advice
Divorce is a complex legal process that you should not take lightly. Even if you’re ending your marriage in a friendly manner, money matters can often lead to disagreements. It’s important that you consider all your marital assets during property division so the court can divide them equitably based on your circumstances. By speaking with an Alaska family law attorney, you can understand your rights and responsibilities during the divorce process.
