Courts in Alaska often consider equity when splitting the assets between spouses after a divorce. This means that the properties, financial assets and belongings of a divorcing couple are not always divided in a perfect 50/50 split. Instead, the court divides their assets based on circumstances such as how long the marriage was, the earning abilities of each spouse and their financial needs.
However, matters become complicated when it comes to dividing out-of-state properties. Though courts in Alaska do not have any jurisdiction over properties in other states, this does not mean they do not have jurisdiction over the people who own them.
How do courts in Alaska divide out-of-state property after a divorce?
In Alaska, courts can order divorcing couples to divide their assets in a manner that is both fair and equitable. Even if the properties are outside of the state’s jurisdiction, the couples that own them are still subject to orders from the court. If a couple fails to comply, the court can coerce them through civil contempt.
To divide out-of-state property with equitable distribution in mind, the court can orders spouses to sell it and divide the proceeds amongst themselves. Similarly, they can co-own the property.
If one spouse wants the property more than the other, they can opt to buy out their share and claim sole ownership. This way, the divorcing couple can decide what they want to do with their properties on their own terms, helping them settle the matter in a way that is just and right.
What is the importance of equitable distribution?
Dividing assets equitably helps ensure that neither spouse faces undue hardships after a divorce. It can be difficult for people to adjust to living alone after being married, especially if the couple’s earning abilities were not equal. This distribution protects people with lower incomes or those who sacrificed their careers, allowing both spouses to start anew.