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Did You Know...
Family Law Software can calculate child support guideline amounts in 21 states.
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Question: How should I handle a military pension?
Answer: There is a certain amount of computation involved in determining the monthly benefit for a military pension.
Once the benefit has been determined, though, the military pension may be just like any other defined benefit pension.
Specifically, to the extent that the pension is a fixed amount (adjustable for cost-of-living) to be paid per month, starting on a specific date, and continuing for the life of the participant, a military pension is the same as any other pension.
The income will start showing up in the income stream in the year that the person reaches the age that you specified for retirement.
As with any pension, in order to have the income appear in the cash flow, you must allocate the pension to one party or the other, so the software knows who gets the income.
The property division of the pension (% of marital property being kept by a party) performs this allocation.
Put another way, the income flows to the parties in the same proportion as their ownership percentages in the pension.