Retirement Accounts Are Subject to Property Division
Many people are surprised to learn that retirement accounts are subject to property division during a divorce. Military retirement accounts are no exception. However, military retirement accounts are significantly different from civilian retirement accounts. They are subject to specific federal laws and regulations, including the Uniform Services Former Spouse Protection Act (USFSPA). At the Nova Family Law Group, we are well acquainted with all applicable rules. Whether you are a service member or a service member's spouse, you can be confident that a fair resolution will be reached with our decades of experience on your side.
Direct Payments From the Defense Finance and Accounting Service
In certain circumstances, a spouse may be eligible to get direct payments from the Defense Finance and Accounting Service (DFAS). The 10/10 requirement applies, meaning the spouse must have been married to the service member for at least 10 years, during which the service member performed 10 years of service creditable toward retirement. This requirement applies only to direct payments though. Courts can still order division of military retirement assets even if the 10/10 requirement is not met. Our goal is to balance this particular piece of property with all other property that is important to you to reach a satisfactory outcome.
Cost of Living Adjustments
Military retirement pay can actually increase over time. Cost of Living Adjustments (COLAs) are given annually. These increases may have to be taken into consideration when dividing a military retirement account. Our lawyers are familiar with this and all other nuances that do not typically come into play when dividing civilian retirement benefits.
Contact Our Virginia Marital Property Attorneys
Make certain that every aspect of your military divorce is handled properly. Schedule an initial consultation with our Fairfax military retirement asset attorneys. Please call 703-763-0980 or 866-639-8801 or use our online contact form.
