Dividing assets in an Alaskan divorce can be a stressful and uncertain process. Anyone who is facing or contemplating a divorce should have a basic understanding of the asset division process in an Alaskan divorce.
The basic rule
By statute, Alaska’s judges must divide the couple’s assets in a “fair and equitable manner.” What does this phrase mean?
Many people often assume that it requires the court to divide the couple’s assets evenly. While this instruction often results in a 50/50 division of assets, cases where courts deviate from an even split are not uncommon, and the judge’s reasoning in these exceptions should be understood.
The length of the marriage is important
Couples who have been married a significant number of years before they decide to end their marriage have frequently accumulated significant assets, and the specific ownership of each asset cannot be easily determined. In these marriages, the court will often lean toward a 50/50 split of marital assets and liabilities.
Other factors affecting ‘fair and equitable’
As mentioned, courts will take the length of the marriage into account in determining what constitutes a fair and equitable division of marital assets. Other factors may include:
- The age and health of the parties
- The parties’ respective earning capacity and educational training and occupational skills
- The parties’ conduct, including verifying whether either spouse has unreasonably spent or sold marital assets
- Awarding custody of the family home to the parent who has physical custody of the children
- Whether a particular asset can produce income
Some couples have found the hiring of a professional appraiser to be helpful in establishing a fair market value for real property, works of art, antiques, and similar assets that may have unusually high value. Most individuals who have a significant marital estate have found it useful to retain an experienced divorce attorney to assist in collecting, valuing and dividing marital assets.
The “fair and equitable” standard gives every judge a great deal of discretion in dividing marital assets. The judge’s decision may also turn on the behavior of one or both of the parties. In the end, the overall equities of the case will also affect the court’s decision regarding the division of assets.