The Thrift Savings Plan, or TSP, is the military's version of a 401 (k) program, which Congress extended to military members in 2001. If you're going through a military divorce in Virginia, you might be eligible to receive a portion of your husband's TSP balance.
The TSP is a retirement savings and investment plan that many military members use to supplement military retirement pay. To receive a transfer of funds from your husband's TSP account after your Virginia divorce, you'll need a court order that clearly awards you a portion of the TSP account.
In order to help develop a valid court order during your military divorce, the TSP Legal Processing Unit will provide you and your Virginia divorce attorney pertinent information, such as:
- the member's TSP balance;
- any existing loan balances; and
- annual or quarterly TSP statements.
Starting over after the life-altering event of a military divorce can seem scary at times, especially when you're unsure of your financial future. It helps to know that you might be eligible to receive a portion of your husband's TSP balance, which will provide you with a welcomed financial buffer.
Your Virginia divorce attorney can help you navigate the military retirement pay system during your Virginia divorce to fight for a settlement that addresses your husband's TSP account, among other possible assets.
Contacting a Virginia Divorce Attorney
There are very specific rules governing a military divorce in Virginia, including those surrounding the military retirement pay system and TSP accounts. At Hofheimer Family Law Firm we are committed to providing you with the experience and compassion you deserve and the successful results you need to move on with your life. Request a FREE copy of our divorce guide for women in Virginia, or reserve your seat at our monthly divorce seminar – 757-425-5200.