Getting divorced means navigating a variety of difficult issues, including dividing property. The complexity of divorce law often leads to some confusion on the subject. If your marriage is coming to an end, below are answers to some of the questions you might have about who keeps what.

Common Questions About Property Division During Divorce

What are “marital assets”?

In most cases, these encompass all property gained by either party during the marriage, regardless of who paid or whose name is on any titles. Homes and vehicles are common marital assets.

Property someone owned before the marriage, inheritances, and items received as gifts are considered “separate property” in divorce law, so they’re usually exempt from division.

Does each party get half of the assets?

No. Like many other states, Alaska follows a principle of equitable distribution, meaning each former spouse gets a fair share of the marital assets.

The percentage each person receives depends on a variety of factors, such as existing health conditions, where the children will live, earning capacity, and financial situation. Someone who may need more money due to these factors may receive a greater share of the estate.

Does marriage duration matter?

Yes. Those married for less than two years often keep all of their own assets. This is also the case when couples don’t buy homes together or don’t individually accumulate high-value property or debt.

What if my spouse and I make an agreement between ourselves?

In general, negotiating a settlement between you and your spouse ensures a less stressful process. Not only does it save time and money, but it can also reduce uncomfortable exchanges.

However, work with an attorney to ensure your rights are protected before signing any agreements. Then, submit a notarized Marital Property and Debt Division Agreement outlining the decisions.

With offices in Palmer and Anchorage, AK, Darryl L. Jones, Attorney at Law provides personalized advice and effective representation to clients throughout the Matanuska-Susitna Valley. With over 30 years of experience in divorce law, their team walks clients through every step of the process to achieve the best results possible. Visit their website for an overview of their divorce services. Call (907) 746-9851 to speak to an attorney in Palmer, or (907) 278-1212 to schedule a consultation in Anchorage.