The Survivor Benefit Plan (SBP), a form of insurance for retired military members’ designated beneficiaries, can be a part of your settlement during your military divorce in Virginia. Although divorce usually ends your SBP eligibility, you can still maintain SBP coverage if the courts award you that privilege during the division of military retirement benefits.
If you’re still a beneficiary under the SBP, you’ll want to learn all you can about how your payments might be affected, including whether or not receiving Social Security will reduce your survivor benefits.
In past years, if you were receiving SBP benefits, when you reached age 62, your survivor benefits would drop from 55% of your former husband’s base pay to 35%. This would account for the Social Security benefits that you would receive.
Since Congress changed those laws in 2005, your SBP benefits will no longer be affected at the onset of your Social Security benefits. Currently, your survivor benefits will continue at 55% of your former husband’s base pay, even after you turn 62.
You’ll want to discuss any concerns you have about your military retirement pay or SBP benefits with a Virginia divorce attorney with experience in military divorce proceedings. The legislation that affects military divorce and benefits coverage is constantly changing.
It’s important to understand how all those changes might affect your financial situation and to learn about your rights to the Survivor Benefit Plan after your Virginia divorce.
Contacting a Virginia Divorce Attorney
Throughout your military divorce proceedings, you’ll naturally have a lot of questions specific to your circumstances, including those about your rights to the SBP and Social Security. Get your questions answered by requesting one of our FREE divorce guides for women, or reserving your seat at our monthly divorce seminar – 757-425-5200.
The Virginia divorce attorneys at Hofheimer Family Law Firm are committed to fighting for your rights, assisting in child custody disputes, and advocating that you receive everything you are entitled to and need in order to start your new life.