lagged explanatory variable interpretation

#1
Dear community,

I'm using a conditional fixed effects ordered logit model (blow-up and clusete namely) and a panel dataset to estimate the effect of a life-event (x) on ones preferences (y).
My explanatory variable is a life-event that occured in t-1. It is therefore a dummy taking value 1 if the event occured and 0 if it did not.

I have trouble interpreting what the model really does. I know that the fixed effect model looks at within variation so looks if one person changed when this event occured but does it look only at the effect of this one year (t-1 till t)?

I've also estimated another model using the same estimator, there I've regressed not the life-event (let's say getting married in t-1) but the complete state (married and non-maried) with each other and I get completely different results. What I thought that the model does here is to look at a longer period of time as my panel dataset is 13 years long. But I'm really unsure if my interpretations are right here so it would be really appreciated if somebody could help.

Thank you so much in advance

Lisa