To amend title 10, United States Code, to establish a more equitable method by which courts may treat the retired or retainer pay of a member of the Armed Forces as joint property for purposes of ordering the payment of a portion of that pay to spouse or former spouse of the member.

Reduces the amount of retired pay of a member of the armed forces that a court may consider as joint property by the amount of such pay that was accrued after the later of: (1) the date on which the member first becomes eligible to retire; and (2) the date of the applicable divorce, dissolution, annulment, or legal separation.