Military marriages experience strains and stresses in greater capacity than other marriages due to the complications that their jobs put on both spouses. Though these marriages can be extremely stressful and difficult, the overall divorce rate among both male and female service members only averaged 3 percent in 2017. To be more precise, about 21,290 of 689,060 married troops divorced in 2017. The divorce process for members of the military is relatively uniform to those who are not in the service. The main difference for these individuals is how to divide their retirement plans.
Typical Military Retirement Plans
Retirement for members of the military is radically different for each member since not many individuals serve for 20 years, the requirement to get the normal retirement benefit. As a result, military retirement plans are made up of 3 components:
Defined Benefit: Retired pay is 2 percent times the number of years of service. For example, if you retire after 20 years you get 40 percent of your final base pay and if you retire after 30 years, you receive 60 percent.
Defined Contribution: The military contributes 1 percent of a member’s base pay to their Thrift Savings Plan (TSP) account. Each member is automatically enrolled with a 3 percent base pay contribution to their TSP and the government will match up to 5 percent of their contribution after two years of service. A member of the military must complete two years of service to receive government contribution.
Continuation Pay: After 12 years of service in the military, active duty service members receive a bonus equal to 2.5 months basic pay if they commit to four additional years of service....