elliesmom
Carpal \'Tunnel
Reged: 11/07/05
Posts: 8835
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Yeah - actually (I don't know if this is still the case) DH says the whole BAh thing does not apply to the navy. He said they actually have a percentage of each type of pay that basically boils it down to 60% of your pay goes to your spouse if you have no separation agreement. It was a nightmare. So that may have been why he moved into the barracks - to lower his pay thus lowering the amount she was "owed."
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Forgiveness is...letting go of the hope that the past can be changed.
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Redlegg
Carpal \'Tunnel
Reged: 10/05/06
Posts: 26679
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I believe the Navy gives a certain percentage based on the number of dependents, the more dependents, the more pay, up to a certain amount.
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Redlegg
Carpal \'Tunnel
Reged: 10/05/06
Posts: 26679
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Request a date for later than the two weeks or have them set a date. it is not unusual for a short period of time like, to be blocked off for something they are doing specific in school. That is nto unreasonable. Set iot later or have her set it with on 30 days, or something that works for both of you.
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robo
journeyman
Reged: 04/05/09
Posts: 50
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[quote]
Pension kinda like a 401K.... Ok, if you have a retirement account, that is worth a specific amount now, that is one thing, but if you have a funded pension that is another. A military retirement has zero value every day of the month, except one, and that is the day she gets paid. There is nothing to divide except the payment. If you have one like a 401K, and there is an amount in it right now, that amount would be divisible and she may get half of that amount. Once that happens, it is done, and not to be revisited. Taking part of her retirement in the settlement is rolling the dice. What if she does not retire, or is medically retired with disability?? You get zero. So, what you could do is offer her 25% of your retirement, and you keep the house. You would be drawing her retirement until the day she dies. You could also make an offer for an amount. Figure out what she would get if she retired today, take that amount and keep the house. The reasoning behind that is that you would not get the COLA she would get on her retirement, so she would get to keep that. There are a few ways to approach it, but not knowing the numbers, that just means you have sit down and be a little creative. Whatever you are awarded will be for the rest of her life, and that is quite a bit over time.
Can you help me figure out what her retirement would pay out if i was to draw it out when she retires? The JAG gave me this formula to use.
PTS Times 1
PTS total 2
Edited by robo (05/09/09 11:09 AM)
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Redlegg
Carpal \'Tunnel
Reged: 10/05/06
Posts: 26679
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The first step is to calculate the number of equivalent years of service. The formula for computing equivalent years of service for Reserve retired pay at age 60 is fairly simple:
Total number of Creditable Retirement Points, divided by 360.
The formula computes the number of equivalent years of service you have completed (comparable to full-time service). For example, 3,600 points equals 10 years.
Depending on the date you initially entered military service, also called your DIEMS date, your monthly Reserve retired pay will be calculated under the “Final Basic Pay” or “High-3” formula as follows:
Multiply your years of satisfactory (equivalent) service by 2.5%, up to a maximum of 75%. Multiply the result by the average of your highest 36 months of basic pay. The highest 36 months for a member who transfers to the Retired Reserve until age 60 will normally be the 36 months before he or she turns 60. Members who request a discharge from the Retired Reserve before age 60, however, can use the basic pay only for the 36 months prior to their discharge. Think carefully before requesting a discharge from the Retired Reserve!
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