What is a Survivor Benefit Plan and how does it affect a military divorce?

A Survivor Benefit Plan (SBP) is a federal program that provides monthly payments to the spouse, or former spouse, of a deceased U.S. military veteran or active duty member. The plan is in place to ensure that the surviving spouse is provided with income security after the veteran’s death. In the case of a military divorce, the SBP can have a significant impact on the financial settlement. Under the SBP, a former spouse may qualify for a portion of the veteran’s survivor benefit. To be eligible, the couple must have been married for ten or more years while the veteran was in active service and at least one of the ten years must have been consecutive at the time of the divorce. In addition, the former spouse must have waived all other rights to the deceased veteran’s retired pay in the divorce settlement. The amount of the benefit is determined by the veteran as part of the divorce settlement and is usually calculated as a percentage of the veteran’s retired pay. This means that the amount of the survivor benefit can significantly reduce the amount of the settlement that the former spouse will receive. The SBP and military divorce can be complicated, however, understanding the rules and regulations can help ensure that a fair and equitable settlement is reached. It is important that both parties seek legal advice to ensure their rights and interests are protected.

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What is a Survivor Benefit Plan and does it apply in military divorce?

What is a Survivor Benefit Plan and how does it affect a military divorce?

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