For most uncontested divorces, the parties will need to execute a property settlement agreement, commonly known as a “PSA,” settlement agreement, or simply a separation agreement. With the growing availability on the internet of forms and samples for such documents, some people feel confident in drafting an agreement without the assistance of an attorney. These agreements may turn out to be valid and work for some people, but may result in financial disaster for others.
Language in a separation agreement may seem to have one meaning, but may have an entirely different legal meaning. As an example: John and Ellen sign a separation agreement stating they will “share” physical and legal custody of the child. However, Ellen keeps the children most of the time. Without knowing anything else about this agreement, Ellen may have opened the door for a smaller amount … Read More »
More details surfaced this week on the Administration’s proposal to expand concurrent receipt to service members who were medically retired, sometimes referred to as Chapter 61 retirees.
Under the Administration’s Omnibus proposal, all Chapter 61 retirees will become eligible for Concurrent Retirement and Disability Pay (CRDP) over a five-year period starting in January 2010. The expansion will come in two phases.
The first three years of the five year phase-in opens CRDP eligibility to the more severely disabled Chapter 61 retirees with less than 20 years of service.
On January 1, 2010, Chapter 61 retirees with less than 20 years of service and a VA rating of either 90% or 100% become eligible
On January 1, 2011, Chapter 61 retirees with less than 20 years of service and a VA rating of either 70% or 80% become eligible
On January 1, 2012, Chapter 61 retirees … Read More »