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The Uniformed Services Former Spouses' Protection Act (or USFSPA) is a U.S. federal law enacted on September 8, 1982 to address issues that arise when a member of the military divorces, and primarily concerns jointly-earned marital property consisting of benefits earned during marriage and while one of the spouses (or both) is a military service member. [3]
Courts have struggled to understand how to implement this. The result is that many times the military member's promotion enhancements, due to sole effort after the divorce, are divided to the ex-spouse. The Area Method is a straightforward method to equitably divide retirement pay in this situation for an Active Duty or Reserve retirement. [14]
A qualified domestic relations order (or QDRO, pronounced "cue-dro" or "qua-dro"), is a judicial order in the United States, entered as part of a property division in a divorce or legal separation that splits a retirement plan or pension plan by recognizing joint marital ownership interests in the plan, specifically the former spouse's interest in that spouse's share of the asset.
Social Security can be an invaluable source of income in retirement, and if you qualify for spousal, divorce, or survivors benefits, it pays to take full advantage of them.
To preserve retirement savings, she said couples can also split their 401(k) and Roth IRA funds, or take Social Security based on the higher-earning spouse's salary.
Couples often split living expenses, which can help them save for retirement. But once you cut the marital cord, you’ll likely be on your own and see a spike in cost of living based on your new ...
Separation typically occurs when someone reaches the date of their Expiration of Term of Service and are released from active duty, but still must complete their military reserve obligations. Upon separation, they receive Department of Defense Form 214 , Certificate of Release or Discharge from Active Duty (DD 214), which verifies their ...
Your ex-spouse might be able to help you feather your nest in retirement. Even better, there's at least one former-spouse benefit that you won't need to go to court to get access to: payment based ...