Under the law of some community property states, married persons may agree to convert some or all of their separate property to community property. Such an agreement may be referred to as an agreement to convert separate property to community property or as a transmutation agreement.

The legal character or nature of debts of married persons may also be changed by transmutation in some community property states—changing debts of the parties’ separate estates to debts of the community estate, or debts of the community estate to debts of the separate estates. But an agreement between married persons to change a community debt to the debt of one of the spouses separate estates may not be binding on the creditor—unless the creditor agrees in writing to only look to one spouse for satisfaction of the debt.

In community property states, the laws regarding the availability and scope of transmutation agreements vary from state to state. These laws are usually located in a state’s statutes—often in the family code or domestic relations code.

Alaska is not a community property state; it is an equitable distribution state. This means that during a divorce, marital property is not automatically assumed to be owned equally by both spouses. Instead, the court divides property in a way that is considered fair, which may not necessarily be equal. However, Alaska does offer an optional community property system through the Alaska Community Property Act. Couples can opt into this system by creating a community property trust or agreement, which allows them to classify some or all of their property as community property. Regarding debts, in Alaska, the responsibility for a debt incurred by one spouse may be shared if the debt was for a joint benefit. However, transmutation of separate debt into community debt would typically require an agreement that is acknowledged in writing, and creditors would need to agree to any change in their rights to collect a debt. It's important to consult with an attorney to understand the implications of such agreements and ensure that they are executed in accordance with Alaska law.