This page contains a Flash digital edition of a book.
rapidfire
Retirement Living
Divvying Funds
Family
Matters
Discover helpful
resources for military
W
ith the military sporting of the servicemember or as joint property spouses and children.
some of the highest divorce in accordance with the laws of one’s state
rates in the nation, servicemem- of residence. That means a military spouse With so many orga-
bers and their spouses need to be prepared in some states could obtain 50 percent of a nizations supporting
for the effect divorce will have on their re- member’s retirement benefi t — even if only servicemembers and
tirement savings. Craig Carnick, president married a few months. their families, it can be
of Carnick & Co. in Denver, warns, “There a73 DoD offers some protections, but it won’t difficult to locate what
will be a divvying up of assets in the event make direct payments to a former military you need when you need
of divorce, including retirement benefi ts.” spouse unless the marriage lasted 10 years it. The Military Family
Legally, there is no way to shelter re- or more during a time when the service- Network hopes to make
tirement savings from consideration in a member was on active duty, nor will DoD things easier with the
divorce settlement. There might not be pay an ex-spouse more than 50 percent of publication of Your Mili-
many ways to protect your retirement a servicemember’s retirement benefi t. tary Family Network
savings from being chopped up in a di- a73 A state court has jurisdiction over a ser-
vorce settlement, but there are several vicemember’s retired pay only if he or she
points to consider: has their residence there.
a73 In a divorce, retirement savings, includ- a73 Military spouses who recently have di-
ing the thrift savings plan, can be subject vorced have one year to claim their share
to disbursement to the military spouse. of military retirement benefi ts. Spouses
Under the Uniformed Services Former who remarry before age 55 will lose the
Spouse Protection Act of 1982, state courts benefi t entirely.
can treat retired pay solely as the property — Deborah Huso
(Capital Books, 2008).
This handbook provides
a direct link between
military families and the
organizations and people
who serve them across
the nation. The Web site
also offers access to con-
stantly updated online
resources corresponding
to chapters in the book.
To order your copy,
visit www.emilitary.org/
yourmfn.html.
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