Assets and Debts in Your Alaska Divorce
Alaska is an equitable distribution state, requiring a fair but not necessarily 50-50 split of what you acquired during the marriage. This is also a full disclosure state, subject to fraud prosecution for hiding assets or otherwise depriving the spouse of an equitable share.
Despite these laws, property division is a complex process requiring sharp legal advocacy and creativity to forge a fair and reasonable settlement. The Law Offices of Dan Allan & Associates represents women or men in the Anchorage area and throughout Alaska in divorce and asset division. Call 907-344-8851 to arrange a consultation with our experienced family law attorneys.
Alaska Marital Property Division
The full disclosure statute requires that everything is on the table. First, it must be determined which assets are the separate property of one spouse and which are joint property. This is not always cut-and-dried, as marital and separate assets are commingled over the years. Secondly, those assets must be accurately valued before the property is split. It may be necessary to bring in experts to determine values or contest a valuation offered by the other spouse. Lastly, under Alaska law, any earnings during marriage are treated as earnings of both — a hard pill to swallow for high earners whose spouse did not work outside the home.
Attorney Dan Allan and his associate lawyers have negotiated and litigated property division for every type of marital asset:
- Defined benefit (pensions) and defined contribution (401k) plans
- Deferred compensation plans
- The marital home and other real estates
- Bank accounts
- Unused paid leave
- Closely held businesses and professional practices
- Joint debts
It may be unwise or unwelcome to sell the house or liquidate interest in a business to achieve a 50-50 split. Retaining these assets requires trade-offs — a greater share of retirement assets, taking on credit card balances or loan payments, a lump sum settlement now or future consideration.
The quality of solutions is bound only by your attorney's creativity and understanding of the tax and financial ramifications. Our lawyers have practiced divorce and family law for many years. They have argued several property division issues before the Alaska Supreme Court, including two recent decisions that established legal precedent.
We have represented high net worth clients with substantial assets and couples who have a house and a truck with no equity in either. We can draw up the papers for an uncontested divorce, negotiate property division or help you stand your ground in court.
Contact our Anchorage office to arrange a free, discreet consultation about divorce and dividing assets.