How Are Assets Divided in a Military Divorce?
Fair Division of Property
At Charles E. Willmott, P.A., I can help you and your family solve the issue of property distribution. I work to resolve military divorce issues by helping divide property in an efficient and cost-effective manner. I seek to protect my clients' rights as I work to make sure that your federal protections are working efficiently.
There are unique financial issues that can arise when the situation involves military divorce. In military divorce situations, there are many assets that need to be considered, including residential property, vehicles, businesses, stocks, and even debt. When it comes to dividing assets in a military divorce, the most typical concern is the distribution of retirement benefits.
Dividing Military Retirement Pay
The Uniform Services Former Spouse's Protection Act (USFSPA) acknowledges the right of the court to distribute military benefits to an ex-spouse after divorce. If the ex-spouse is awarded retirement pay as mutual property in the final divorce decree, then the retirement pay can be distributed at the point of retirement. This property is divided in a specific manner after the military member retires and is granted benefits. The way in which a former spouse receives his or her share of military retired pay is specified by the Ten-Year Rule.
Property division for a military divorce usually takes place in a similar manner as a typical divorce. The marital property is distributed in an equitable manner, which means that it is fear and not necessarily equal. Equitable distribution will only occur at the time of the divorce. Assets are ultimately divided by the court, which has discretion to choose when, what, and to whom, property is divided. Many military clients who work with my office are unaware of the way that asset divisions work.
My firm has nearly two decades of experience helping to handle property division within a military divorce. Contact my firm to ensure that your property and assets are properly handled.