Florida military couples who are going through the divorce process will have to split up various marital assets. Determining what is considered marital property and what is considered separate property can be a bit confusing to begin with. When it comes to your military pension, however, all states recognize it as marital property.
How is marital property divided?
There is no one-size-fits-all solution to the property division of a person’s military pension. Some states may require a 50/50 split of the pension amount, while others may award one spouse a higher percentage than the other. Knowing if your state is a community property or equitable distribution state can help you to determine how much of your pension your spouse will be entitled to when you get divorced.
The 10-year misconception
Most people reading the Uniformed Services Former Spouse Protection Act will falsely believe that a spouse may not be entitled to their military pension unless they’ve been married for 10 years. That’s not actually the case. Rather, your spouse may not receive direct payments for the pension unless you were married for 10 years. And, at least 10 years of your marriage must have overlapped with your military service.
Another necessary restriction to understand with direct payments is that there is a maximum amount that they will specify. This is typically 50% of the retired pay. This goes up to 65% in the event that you’re paying alimony or child support.
As you enter the military divorce process, you should spend some time doing some research to get more familiar with the process. When you’re more familiar with the process, you can help to better prepare yourself for the road ahead. When it comes to your pension, it’s a good idea to consider hiring an attorney to assist with your case.