Impact of Military Lifestyle on Marital Assets

Maximizing Military Marital Assets: The Impact on Your Lifestyle

Introduction

The military lifestyle is a unique and challenging one, with its own set of demands and sacrifices. For individuals in a military marriage, there are additional challenges to face, especially when it comes to maintaining marital assets. Marital assets include all property, finances, and other assets acquired during the course of a marriage. In this article, we will explore the impact of military lifestyle on marital assets and discuss strategies for protecting them.

Background on Military Lifestyle and Marital Assets

The military lifestyle is characterized by frequent moves, long periods of separation due to deployments, and the risk of injury or death in combat. These factors can have a significant impact on a military marriage, especially when it comes to maintaining marital assets. Military couples often face unique challenges in managing their assets and planning for their financial future.

Challenges Faced by Military Couples in Maintaining Marital Assets

One of the main challenges faced by military couples is the frequent moves that come with military life. These moves can make it difficult to establish a stable home and community, which can make it challenging to build and maintain assets. It can also lead to additional expenses, such as the cost of moving and setting up a new home, which can eat into the couple’s financial resources.

Furthermore, deployments can put a strain on a military marriage, both emotionally and financially. During deployments, the service member may not have access to their finances, making it challenging to manage and monitor their assets. This can also create a power imbalance in the relationship, with the non-deployed partner having more control over the couple’s financial decisions.

Another challenge faced by military couples is the risk of injury or death in combat. In the event of a service member’s injury or death, their spouse may struggle to manage the couple’s assets and finances, especially if they were the primary financial decision-maker. This can lead to financial instability and put a strain on the relationship.

Impact on Financial Stability and Retirement Planning

The challenges faced by military couples in maintaining marital assets can have a significant impact on their financial stability and retirement planning. Frequent moves, deployments, and the risk of injury or death can disrupt a couple’s long-term financial plans and make it challenging to save for retirement. This can be particularly problematic for the non-military spouse, who may not have access to the same retirement benefits as their service member partner.

In addition, post-traumatic stress disorder (PTSD) and other physical or mental health issues resulting from military service can also have an impact on a couple’s financial stability and retirement planning. These conditions can make it challenging for the service member to work or maintain stable employment, leading to a loss of income and potential strain on the couple’s assets.

Strategies for Protecting Marital Assets During Deployment

Despite the challenges, there are strategies that military couples can use to protect their marital assets during deployment. One key strategy is to establish a power of attorney (POA) before deployment. A POA authorizes a trusted individual to make financial and legal decisions on behalf of the service member while they are deployed. This can help ensure that their assets are managed and protected in their absence.

Another strategy is to maintain open and honest communication between both partners. This can help ensure that both parties are aware of the couple’s financial situation and can make informed decisions about their assets. It can also help prevent any misunderstandings or conflicts that may arise due to the power imbalance created by deployments.

Additionally, it is essential for military couples to have a solid understanding of their military benefits. These benefits can include housing allowances, healthcare, and retirement plans, among others. Understanding and utilizing these benefits can help to protect the couple’s assets and provide financial stability.

Legal Considerations for Military Couples in Divorce

Divorce can be a challenging and emotional process for any couple, but it can be especially complicated for military couples due to their unique circumstances. In a military divorce, the division of assets can be particularly complex, especially if one spouse is deployed or has PTSD or other health issues.

In cases where the military spouse has a service-related disability, their disability payments may be considered separate property and not subject to division. However, their military pension may still be divided as marital property, depending on the length of the marriage and other factors.

It is crucial for military couples going through a divorce to seek legal guidance from an attorney with experience in military divorce. They can help navigate the unique legal considerations and ensure that both parties’ assets are protected during the divorce process.

Resources Available for Military Couples Facing Marital Asset Issues

Military couples facing marital asset issues can access various resources to help them navigate the challenges. The Department of Defense offers financial counseling services through the Military and Family Readiness Centers, which can help military couples develop a financial plan and make informed decisions about their assets.

The Servicemembers Civil Relief Act (SCRA) also provides legal protections for service members during deployments, including protections related to financial matters and civil lawsuits. Military couples can also seek support from organizations such as the Military Family Advisory Network and the National Military Family Association.

Success Stories of Military Couples Overcoming Marital Asset Challenges

Despite the challenges, many military couples have successfully managed to maintain and protect their marital assets. One success story is that of Air Force couple Lieutenant Colonel Danica and Chief Master Sergeant Joe, who have been married for over 20 years and have endured multiple deployments. They credit their successful marriage and financial stability to open communication and a shared understanding of their military benefits.

Another success story is that of Marine couple Staff Sergeant David and Staff Sergeant Beth, who have been married for over 10 years and have weathered deployments, injuries, and PTSD. They attribute their success to regularly discussing and revisiting their financial plan and always being transparent with each other about their assets and finances.

The Importance of Communication and Planning in Maintaining Marital Assets

The key to successfully navigating the unique challenges of military life and protecting marital assets is communication and planning. By regularly discussing their financial situation and goals, military couples can make informed decisions about their assets and plan for their future together. It is also essential to seek support and guidance from resources available to military couples to ensure that their assets are protected and their financial stability is maintained.

Navigating the Unique Challenges of Military Life and Protecting Marital Assets

Military life can present many challenges for couples, especially when it comes to maintaining and protecting marital assets. Frequent moves, deployments, and the risk of injury or death can disrupt a couple’s financial stability and retirement planning. However, with open communication, careful planning, and the use of available resources, military couples can successfully overcome these challenges and protect their assets for a secure financial future.