Financial points to consider during a military divorce
Being in the military comes with a unique set of challenges. When you get married, there are challenges. When you get divorced, there are challenges. The financial challenges of getting a divorce in any case are considerable in every divorce; however, there are even special considerations regarding finances that you have to think about when you are serving our country.
When you are in the military and get divorced, there is a chance that your retirement could be affected. Even if you aren’t close to retirement, you should work to understand how your divorce could affect those future payments. You should also check your life insurance plan to determine if it is still set up in the way you want. For example, if you have a child, you might still want your ex to be a beneficiary on behalf of the child or you might want to designate someone else. The same is true for your retirement plan and annuities, if applicable.
You have to figure out how your financial situation will be after the military divorce. It is a good idea to make a budget for the coming months so that expenses don’t come as a surprise to you. In order to do this, you should gather up all the bills you will have to pay, including your mortgage or rent, a vehicle payment, and any other outstanding credit payments. This information can also help you out as you go through the property division aspect of your divorce.
Making sure that you protect your interests is vital in any divorce. If you are divorcing while serving in the military, you should make sure that you think about every aspect of your life that might be affected by the terms of the divorce.
Source: Military.com, “Divorcing? 6 Ways to Keep Your Financial Footing,” Lisa Severson, accessed June 23, 2015