Abstract
The nova-like variable AEAquarii is a close binary system containing a red dwarf and a magnetized white dwarf rotating with the period of 33s. A short spin period of the white dwarf is caused by an intensive mass exchange between the system components during a previous epoch. We show that a high rate of disk accretion onto the white dwarf surface resulted in temporary screening of its magnetic field and spin-up of the white dwarf to its present spin period. Transition of the white dwarf to the ejector state occurred at a final stage of the spin-up epoch after its magnetic field had emerged from the accreted plasma due to diffusion. In the frame of this scenario AE Aqr represents a missing link in the chain of Polars evolution and the white dwarf resembles a recycled pulsar.
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