Air-launched effects and air-retrieved effects are novel types of unmanned aerial vehicles (UAV). Air-launched effects are small, morphing UAVs that are tube launched from a carrier aircraft. Air-retrieved effects are UAVs that are retrieved in-air, for example using a tether, akin to aerial refuelling. The launch and retrieval of these UAVs is accompanied with highly dynamic loading. Furthermore, they are characterised by a strong coupling between the aerodynamics, structural dynamics and flight dynamics. These necessitate sophisticated coupled simulations in order to assess their operational envelopes. In this work, a variety of physical models is coupled to analyse the launch and retrieval of these systems. We utilise an unsteady vortex lattice model for the aerodynamic simulation, where the wake is tracked through a vortex particle method. Co-rotational beam models are used for the structural modelling of the lifting surfaces. The flight dynamics are modelled through the Newton-Euler equations derived for an aircraft with morphing lifting surfaces. For the retrieval operation, the structural dynamics of the tether are modelled through a rigid link cable model. These models are coupled through a custom co-simulation framework that allows for a hierarchical coupling integration. Numerical simulations are performed to examine the operational envelopes for the safe launch and retrieval of such systems. Particular attention is paid to the aeroelastic stability & flight dynamic stability. In case of aerial retrieval, the risk of hose whip is examined in detail. The aim of this study is to gain insight into key design & operational parameters driving the safety of these systems. In turns, this gives key insights into the design of next-generation aerospace systems.