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What is the Survivor Benefits Plan?

| Jul 6, 2017 | Military Divorce |

Getting a divorce in Texas can be difficult, but things can become even more complicated if you are in the military. While deployment and duty can cause stress, there are some specific benefits associated if you are getting a divorce from a serviceman or servicewoman. One of those is the Survivor Benefits Plan.

 

According to Military.com, the Survivor Benefits Plan can be used to offer coverage to a former spouse. The benefits given will be the same as those that are given to your current spouse, excluding the annuity for an ex-spouse. The premium payments will also be the same for a former spouse as they would be for your current spouse.

 

If you remarry before the age of 55, the children that you have with your previous spouse can also receive SBP payments. Retired pay can be divided in equal parts, generally with 55 percent being divided among your children.

 

Another benefit of SBP payments is that they are excluded from your taxable Federal income. Retirement pay is also adjusted for the current cost of living each year and the inflation protection also applies to your payments if you are receiving a portion of your ex-spouse’s retirement funds.

 

If you have more than one former spouse, it is important to note that you will only be allowed to offer benefits to one. Your current spouse must also be notified of your intent. This information is intended for your education and should not be taken as legal or medical advice.