Alaska Divorce & Finances
The division of joint finances is one of the least pleasant aspects of divorce. You might have some questions about the process and how courts decide to split up your jointly owned property. How is property divided? What will be the tax consequences of your divorce? Do you and your ex-spouse have estate planning issues to resolve? Will spousal support payments be awarded, and if so, how much and for how long? The following are laws specific to Alaska Divorce and Finances
Alaska Property Division/Community Property/Debts:
Alaska is an “equitable distribution” state. This means that marital property will be distributed on terms that the court considers to be fair, but this does not necessarily mean the division will be equal. In making this determination, the court will consider, among other things, the contributions of each spouse to the marital estate, the total value of the properties of the parties, the economic circumstances of each party, any misconduct that may have occurred, and the amount of spousal support awarded, if any.
Alaska Spousal Support:
There is no automatic obligation for either spouse to support the other in the event of a divorce. Where the court does grant spousal support (also called maintenance or alimony), it does so on a case-by-case basis and in consideration of many factors, including:
- The financial resources of the party seeking support,
- The time and input of resources necessary for the party seeking maintenance to find appropriate employment and sufficient education and/or training for that employment,
- The established subjective standard of living during the marriage,
- Marriage duration,
- Physical and emotional condition of the party seeking maintenance,
- The ability of the would-be payor spouse to meet his/her own needs while meeting those of the other spouse, and
- Any other factors the court deems relevant.
Note that the spousal award amount and duration, once determined, are not set in stone. The court may modify or eliminate the award when changing circumstances justify doing so, for instance when the receiving party enters into another marriage or similar arrangement, or when there is a material change in the financial circumstances of a party.
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