finz
Carpal \'Tunnel
Reged: 06/17/08
Posts: 6491
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I have no idea how the pension and divorce issues work.
My husband may retire next month. We went to the retirement board to fill out some paperwork. We need to decide on which option to pick for his pension.
He can take the 100% amount and if he died, I would not get any monthly benefits.
He can take less and if he died first, I would still get the same continuing pension. There are multiple options with varying amounts he could take now giving me less, but still something if he died first. If I died first, he could pop up to the max amount.
On all of the options for me to still get something if he dies first, it says 'wife/spouse' will get xxx amount.
If we chose one of those options, then divorce in 5 years and we don't divide up the pension, could I still get the survivor benefits as an ex wife ?
If we take one of those options, to protect me now, when we divorce if we split the pension, could he still pop up back to the maximum amount ?
We had thought he would continue working until we are ready to divorce, when the kids have graduated. Unfavorable work conditions may make it better for him to retire now instead.
This is a full retirement. He has over the 23 years service needed to retire even though he is only in his 50's.
We have been married for 16 of those years if it makes a difference.
My concern right now is not about how it would be divided when we do divorce.......it's more a question of are we just giving money away if we don't take the full package now ? Can I collect the 'wife' amount if he died first as an exwife ?
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Robert_Nowak
journeyman
Reged: 06/04/05
Posts: 54
Loc: Glen Head, NY
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Speak with Amanda Cunningham of Lexington Pension Consultantes 718/697-0100. Mention my name.
She will explain survivor options, Since women generally outlive men, a survivor option is usually the best option for you. Life insurance is also something to think about.
Good luck
--------------------
Robert E. Nowak, Esq.
107 Northern Bvd.
Great Neck, NY 11021
516/487-8200
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Eve
member
Reged: 11/28/05
Posts: 112
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I think if you are named as the "beneficiary", of the pension, you would still get whatever option you both decided on, whether you are divorced or not....but, better check that out with someone that really knows.
Also, remember..."unfavorable conditions" often change to favorably after a few years, and if he is in his early 50's, he may be jumping the gun a bit early. Financial planners say you better make sure you are bringing in enough to take you well into your 80's and even 90's. So, unless he is going to go into a job that will pay him just as well or better than his current one, he may want to think this over, especially in the environment of uncertainty the country is in.......
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JayDee
recently joined
Reged: 02/02/09
Posts: 3
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I have had to do this one. How it works is in the event you divorce, because you were married to him for 16 years, the court can divide all the marital property. However, for this to work for you, you must ensure you are the beneficiary on his Survivor Benefit Plan (SBP). If not , for some unknown reason, request for it doing your divorce and do not take NO for an answer. This is crucial because when he retires, he will get his retirement pay,you will get your portion. Now in the event he dies before you, your retirement pension will stop because he has died BUT you can continue to get paid monthly if you have his SBP. That's how you will be paid from that point on. If you DO NOT get the SBP you will not get anything once he dies. Now once he retires,as stated you said you went with him, this is when he makes and or seals the deal on his SBP. Let's say you didn't see or get any of this then because they will sometimes hide it, make sure your attorney request it during the divorce proceedings. If this happens, it will then be recorded on your divorce papers that you requested it and if awarded, it will then be in pursuant of a court order simply because he didn't give it to you, the court did. To get it hooked and sinkered, it must then be sent to, along with other required documents, to the Defense Financial And Accounting Services (DFAS) within one year of the date signed on your divorce decree. You would simply send the original copy of your divorce decree with a written letter to them stating that you were awarded beneficiary of retired military's Survivor Benefit Plan and you would like to effectuate a "deemed election" for former spouse coverage on member's SBP. THIS IS VERY IMPORTANT!! They will write you back asap to inform you of the results. Good Luck.
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