ATTORNEYS AT LAW 1009 W 7TH AVENUE ANCHORAGE, ALASKA 99501 TELEPHONE: (907) 279-4529 FAX: (907) 279-9223
Recent changes in Alaska law allow married seniors to select an alternative form of ownership of their property. Generally, Alaska is an "equitable distribution" state, in that the court upon divorce normally will look at the equities and attempt to fairly distribute marital property between spouses. An act called the Alaska Community Property Act, otherwise known as Chapter 75 of Title 34 of the Alaska Statutes, was signed into law this spring and provides an alternative form of property ownership for married couples. With the new law, a couple may voluntarily decide to enter into a written "community property agreement" or "community property trust." A couple which does not choose to sign such an agreement does not have community property as described in the new law.
If a community property agreement provides that all property acquired by either or both spouses during the marriage is community property, the property of the spouses acquired during the marriage and after the determination date is presumed to be community property. A spouse has a present undivided one-half interest in community property. As a result, a spouse can not normally give away the other spouse's community property to a third person in an amount of over $1000 in a calendar year (or more if it is reasonable in light of the economic position of the spouses) without the consent of the other spouse. One spouse may sue the other for breach of the duty of good faith if the other spouse damages the present undivided one-half interest in community property, or sue the recipient of an unauthorized gift of community property in violation of the new law.
Couples who have community property pursuant to the new law may be entitled to certain tax benefits if the IRS recognizes Alaska's act for federal tax purposes.
It may be wise to consult with an attorney or tax specialist who can answer your questions regarding these matters. Many attorneys will consult with potential clients for a nominal fee to answer your questions and define the services they offer. The Alaska Bar Association can refer you to an attorney who can answer your legal questions regarding your rights.
Steven Pradell is an Anchorage attorney with a practice emphasizing family law, probate and estates, wills and life planning issues. He is the author of The Alaska Family Law Handbook. Articles on legal topics of interest to seniors can be accessed on the internet at Http://www.alaska.net/~pradell ©1998 by Steven Pradell. This article is not intended to provide legal advice and should not be relied on for that purpose.