Divorce is never easy, but when it involves a great amount of wealth, it becomes so much more complicated due to the amount of property that must be divided.
While each divorce is governed by the state it is filed in, there are some complexities anyone with a high net worth, and in the middle of a divorce, will face. In divorce, property is divided in a 50/50 split, or by equitable distribution.
Community states use the straight-down-the-middle formula while equitable distribution states will divide property up fairly, or justly. This does not always mean that it will be split equally, though.
In community states, dividing property evenly in a high net worth divorce is fairly simple, although it does have its own complications. In equitable distribution states, it is a bit more complex. For example, a judge may award one spouse $5 million and the other $10 million, as both amounts provide plenty for a spouse to live off.
“There are many factors judges across the country will take into consideration,” says Galit Moskowitz of Moskowitz Law Group, LLC. “But the one factor that any judge will weigh is the contribution of each spouse to their earnings. If one made the bulk of the income and was highly involved in a business that made most of that income and the other was not, the judge will likely award those with greater involvement more.”
However, complications will still be at play. One similarity all high net worth divorces have is that their assets are complex. It is not merely houses and cars that make up the assets. It is often stocks and shares in companies. When this is the case, those shares are sometimes divided equally.
In other instances, both spouses will co-manage the shares, which can often put investors and corporate directors of the companies at greater ease.
Another commonality in all divorces, no matter where they occur in the country, is that prenuptial agreements supersede any state property division laws. While a judge will still have to determine that a prenuptial agreement is fair and enforceable, whatever the couple outlined when they signed it is how their property will be divided in the end.
Would you like to attend law school, but cannot leave your day job? Would you like to supplement your practical experience with a legal education?
If so, you can join a growing number of professionals who work by day and attend law school at night. Learn more at the Part-Time Preview Day on Thursday, January 24 from 6-8:30 p.m.
George Mason University’s Antonin Scalia Law School offers a robust part-time program for students. Over one hundred part-time students enrolled in the fall 2018 term. Like full-time students, the vast majority of these students (91 percent) receive scholarship money.
At Scalia Law, part-time students are not second-class citizens. They receive the same benefits, study under the same awesome faculty and share the same access to the school’s many organizations, resources and opportunities, as their full-time counterparts.
Senior Associate Dean, Alison Price is a fan of the part-time program and its students. “We have always welcomed part-time students. As law classes are frequently taught by Socratic method, part-time students bring a refreshing perspective on legal decisions,” she said.
Daniel Trujillo Esmeral is a part-time student at Scalia Law School. He is also President of theStudent Bar Association and Managing Editor ofGeorge Mason’sCivil Rights Law Journal.
“Throughout law school I’ve worked as a Paralegal and a Law Clerk at private law firms. The convenient hours in Scalia Law’s part-time program and reasonable workload has allowed me to juggle the two roles with relative ease,” said Esmeral. “The time-management skills that I’ve learned as a working professional have allowed me to succeed and maintain these roles with greater efficiency than many of my full-time colleagues.”
Esmeral said he selected Scalia Law’s program because of its flexibility. “As a part-time student, I’ve learned the skills necessary to succeed as an attorney in the day, while gaining the academic know-how at night.”
He will join his current firm as an associate in employment law following graduation.
“Scalia Law fully supports part-time students as they simultaneously balance their education with full-time careers and families. With impressive focus, discipline and work ethic, part-time students provide a valuable asset to our community,” Price concluded.
This is a sponsored column by attorneys John Berry and Kimberly Berry of Berry & Berry, PLLC, an employment and labor law firm located in Northern Virginia that specializes in federal employee, security clearance, retirement and private sector employee matters.
By John V. Berry, Esq.
We represent security clearance holders and applicants so every few years, we look back on the trends of what security concerns most often lead to the loss (or potential loss) of a security clearance. This year we thought we would do the same. Overall, not much has changed.
2018 Grounds for Loss of Security Clearance
There are 13 security concerns that can lead to the loss of a security clearance, which is listed in Security Executive Agent Directive 4 (SEAD 4). These concerns range from foreign influence to financial issues and numerous other issues in between. A review of publicly available security clearance cases was conducted by Marko Hakamaa of ClearanceJobs.com, which provided the breakdown of issues that resulted in initial security clearance denials.
Financial Issues Remain the Number 1 Concern
From the report, it is fairly clear that the number 1 issue of concern for security clearance holders remains Financial Considerations under Guideline F. While this Guideline can cover many areas related to financial responsibility, we see that it most often comes up in the context of a credit report which shows major unresolved debts or when an individual’s tax payments or filings are not timely.
Often for major debts the government is concerned that this could leave an individual subject to potential coercion. For issues related to taxes, the issue is the non-compliance of the individual with tax laws.
General Misconduct Comes in Second
The second most significant security concern from this report shows that Guideline E, Personal Conduct is the next most common clearance issue. Guideline E is a general security concern which can practically cover any type of bad conduct. Most typically, however, it often comes up in the context of illegal drug use, an arrest, a record of bad employment or lying on security clearance forms.
Foreign Influence is Ranked Third
The third most common basis for losing a security clearance was foreign influence, under Guideline B. This issue most commonly comes up when an individual with a security clearance (or who is seeking one) has relatives or property in another country.
The major concern of the government is that an individual may have relatives in another country that work for that government or who could be used as pawns to gather information from the clearance holder or applicant. The United States also treats clearance holders and seekers whose relatives are from allied countries (e.g., the United Kingdom, France, etc.) much better than those from less cooperative countries, like China or Russia.
The rest of the 2018 breakdown of security concerns is included in this report. We represent individuals with these types of security clearance appeals and there are often mitigating factors which can result in a favorable adjudication of these types of security clearance issues. The key is to involve counsel experienced in this area of law as soon as possible.
Conclusion
If you are in need of security clearance advice or representation, please contact our office at 703-668-0070 or through our contact page to schedule a consultation. Please also visit and like us on Facebook or Twitter.
Editor’s Note: This biweekly column is sponsored by Dominion Wine and Beer (107 Rowell Court, Falls Church). This week’s Guide is written by David Birks, General Manager and buyer of Downton Crown Wine and Beer.
It was only a year ago that esteemed homebrewers Scott Janish and Mike Tonsmeire signed a lease on a building in Columbia, Md. That space now holds the production brewery and tap room for one of the hottest breweries in our area, Sapwood Cellars.
Mike is the author of “American Sour Beers”, a widely respected book on mixed fermentation beers. He also was an original recipe writer and flavor developer for Modern Times Beer in San Diego, Ca.
Scott gained fame through a blog primarily focused on the science of how hops are used in the brewing process. He has carried out various cutting edge experiments on the components of hops, and how they can be best utilized within the brewing process.
Together they have immersed themselves into a philosophy of making world-class beers through the understanding of processes, techniques and ingredients. Rarely is this seen in the brewing industry, and almost never in a brewery in its infancy.
Open now for less than 6 months, the general consensus seems to be (and we agree) that their beer is of the highest quality. They are definitely living up to, if not exceeding their pre-opening hype.
I would call these guys beer scientists. It’s one thing to throw a ton of various hops into a hazy IPA, jack up the ABV to mask flaws, put out a super hoppy hazy beer and watch it fly out the door. We find that way too often. But what sets the best of the best apart from the rest? I believe (although I am no brewer) that it all comes from a complex understanding of process and ingredients, paired with the knowledge of how those two key aspects work together.
This understanding is what can create truly wonderful beer. That work was on display when Sapwood released a Double IPA named ‘Snip Snap’. A wonderful beer, clocking in at 7.9% ABV, hopped generously with Citra and Galaxy hops.
We had our first taste during the Montgomery County, Md introduction event of Sapwood at our sister store Downtown Crown Wine and Beer in Gaithersburg, Md. That weekend ‘Snip Snap’ became the beer of choice amongst our customers and with those visiting the brewery.
Word spread in a viral fashion on all of the local beer forums, and in the coming days, the hype and demand for Sapwood just seemed to grow and grow!
One exciting thing to look forward to is all of the beer they currently have aging in a variety of barrels. With Mike’s knowledge of mixed fermentation (wild yeast, bacteria and microflora), the future looks bright for those that enjoy complex, barrel-aged wild ales. They are also aging a variety of non-wild ales in various spirt and wine barrels.
If you are interested in trying the work of Sapwood Cellars, head over the bridge to their brewery in Columbia, Md. Kegs rarely leave the brewery, but this weekend they’re introducing ‘Concentric Rings’ (a brand new 8.1% all Citra hopped Double IPA) and ‘Threat Level Pistachio’ (a variant of their 7.4% ABV Stout with the addition of dry roasted pistachios).
A second batch of ‘Snip Snap’ is on the horizon for those that missed out the first time around.
Cheers to Sapwood, a great addition to the local brewing scene within the DMV! Learn more about Sapwood Cellars and the guys behind the brewery here:
Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Team Cathell, “Your Orange Line Specialists.”
What a difference a week makes. After our slow start last week, Arlington’s market has sprung into life with 33 new listings and 29 ratified contracts.
And top that off with great news for buyers. Mortgage rates dropped 10 basis points to 4.5% for a 30-yr fixed rate with no points which encouraged 20% more buyers to apply for mortgages. These rates are the lowest in nine months. Economists reading the tea leaves anticipate these rates staying steady for quite a while.
Data released by the multiple listing service Bright/MLS indicate the entire DC Metro area experienced an increase in median home sale prices in 2018 over 2017, EXCEPT Arlington. Prices were up 5.9% elsewhere, but were down 2.6% for Arlington. Don’t panic. Your home’s value most likely did not go down. The “median” is the middle point of all the data. Arlington had many more condo sales than detached home sales in 2018, which skewed the median.
The federal government shutdown has not yet had an impact on buyers in our area, but it could if it continues another few weeks as it will be difficult for lenders to verify federal workers income. This could cause delays in lender approval of loan applications.
Click here to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
Editor’s Note: Healthy Paws is a column sponsored and written by the owners of Clarendon Animal Care, a full-service, general practice veterinary clinic and winner of a 2017 Arlington Chamber of Commerce Best Business Award. The clinic is located 3000 10th Street N., Suite B. and can be reached at 703-997-9776.
It’s January and the time for new year resolutions. While you may have a few on your own list, have you thought about resolutions for your pet? Here we have a few ideas that you could aim to work into your 2019 routine, if you aren’t already doing so:
Tooth Brushing
Whether you have a cat or dog, setting a goal to brush their teeth on a regular basis will certainly pay off in 2019. How regular? The Veterinary Oral Health Council recommends daily brushing to disrupt the cycle of plaque mineralizing to hard tartar.
At minimum, brushing every other day is needed to make an impact in reducing tartar accumulation. New habits can be a bit scary for pets, so aim for only a few seconds of brushing at a time, then slowly work up to the whole mouth.
Focus on the outside of the teeth, that’s where all the tartar builds up, 60 seconds to clean should be enough to get the whole mouth.
Home Nail Trims
Keeping your cat or dog’s nails short can have many benefits. It can reduce damage in your home from scratching behavior, prevent in-grown or torn nails and save yourself the cost of grooming appointments.
New to trimming your pet’s nails or found them difficult in the past? There are several great online resources for how to slowly train your pet to enjoy nail trims via positive reinforcement training. Here are some nail trimming resources:
You might be trying to hit the gym more often in 2019, but have you thought about your pet’s exercise too? Regular activity is important for your pet’s overall wellness.
Benefits include weight management, maintaining muscle mass, decreased stress and anxiety and cardiovascular health. Aim for 30 minutes of exercise a day — walking, running, swimming, training or play — but more is good too!
Training and Enrichment
Is 2019 the year you master a new hobby? Well, similar to how new activities make your life more exciting, they do the same for our pets.
Try starting with the basics — sit, stay, come, and leash manners — then progress to more advanced tricks. Positive reinforcement and consistency is key. Clicker training can also be a great tool for pet learning.
You would be amazed how much progress you can make with 5 minutes a day, plus you get the added bonus of creating a stronger bond with your pet. Don’t forget about your kitties either, they can learn tricks just like dogs.
Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by licensed broker Aaron Seekford of Arlington Realty, Inc. GET MORE out of your real estate investment with Aaron and his team by visiting www.arlingtonrealtyinc.com or calling 703-836-6116 today!
Please note: While Aaron Seekford provides this information for the community, he may not be the listing agent of these homes.
How’d your friends and relatives do on their holiday shopping for you?
Hopefully you’re happy.
And, if you asked for some items for your home, hopefully your home is feeling jolly too.
If there are still some home-related items left on your early 2019 wish list, now is a wonderful time to pick up select items. Just think, all of the stores that were trying to clear out massive amounts of inventory during the holidays… likely have massive amounts of inventory to now clear out at stellar discounts.
Some of my go-tos this time of year are electronics, holiday décor (save it and use it for next season) and a curveball here… fitness items! If you’re looking to build up a home gym, think of all the fitness inventory that may be sitting on local shelves because folks opted for a gym membership instead of weights for their New Year’s resolution.
Before you load up a home with new goods, you need a home first. And, when you’re ready to GET MORE out of your transaction, our team is always ready to help you get the most bang for your buck.
As of January 9, there are 92 detached homes, 10 townhouses and 96 condos for sale throughout Arlington County. In total, 10 homes experienced a price reduction in the past week:
Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Aaron Seekford.
This column is sponsored by BizLaunch, a division of Arlington Economic Development.
By Tara Palacios
What New Year’s resolutions are on your list this year?
Today marks the 9th day of the New Year. Have you stuck to your New Year’s Resolutions for your business? Or are you still working on what you’d like to do for the year?
Planning and executing a strategy at the start of the New Year is a great way to ensure you accomplish your business goals in 2019.
BizLaunch is offering two new workshops this month which can help you to achieve your goals in 2019. Our first event is “Branding Your Biz 2019: Best Practices for Startups,” and the next is our highly popular — quarterly Brunch and Business on, “Raising Capital in 2019.” Marketing and financing are two topics in demand at BizLaunch in 2019.
If your goals are in these two areas we have fast tips for you to think about below:
Quick Tips on Branding in 2019
Consistent Use of Your Brand on all Platforms
As a business, develop a clear branding plan for 2019. Implement consistent, almost predictable activities on all online and offline platforms (Think GEICO… all their ads have the same look and feel whether on TV, radio or in print).
Your clients, colleagues and associates should be able to clearly identify your business via marketing initiatives regarding your products or if you are sponsoring an event. Use the same “voice,” of your business even if someone else is producing your materials.
Be Seen
If no one sees your business at leading industry events — you do not exist in the marketplace. Identify and attend events, conferences and networking programs where it is both logical and beneficial for your organization to participate.
While being seen at events, do ensure your business cards, promotional and marketing materials are up-to-date with the latest branding. Sponsor events and activities where you can quantify your return on investment.
Know Your Customers
What do your customers like and dislike? Which platforms are your clients on? Ask your clients for referrals and build your brand around customer loyalty. Don’t try to please more than your direct target market. It can be costly and too much work. Produce high value to a well-defined audience.
Repetition is Healthy
The more you are seen with your brand — the more people equate you with the success of the brand. Repetition and being known in an industry are key tools to a healthy brand. It takes a minimum of 6-8 touches before the brand is recognized by a target market. Therefore, it is important every time a potential client sees your brand your business is using the same imagery.
Top Tips on Raising Capital
Find Out Exactly How Much Capital You Need in 2019
If you are presented today with an opportunity, do you have enough liquidity to successfully accomplish the initiative? What types of work will you be undertaking in 2019, and how much will it cost you to execute the proposal?
If something goes wrong, how much will you have to pay to get out of the opportunity? If something goes too well, do you have the cash on hand to respond to the demand?
Educate Yourself on Current Financing Trends
How are banks structuring business loans in 2019? Is it possible to get a loan from a bank? Are investors looking for specific qualities from businesses to invest in them? How much does a business need to give up in receiving an investment?
Are investors interested in your industry? There is the opportunity to use crowdfunding to finance business endeavors; however, is this something one can use to underwrite expenses, and if so how much will it cost?
Review Current Interest Rates and Identify the Best Options in the Long & Short Term
Will the Federal Reserve increase interest rates this year? What are the current rates offered by banks, and how will this affect the buying power of the business? What are other banks offering, and should an entrepreneur lock in a rate now versus a year from now?
Contact your accountant to see how interest rates, and the recent changes to tax law will impact your business in 2019.
Much Talk on Potential Recession in Late 2019 or 2020
Economists are predicting slow economic growth this year or a recession in 2020 based on current activity. How will this impact your buying power and what should you be doing today to plan for a slowdown in the market tomorrow?
Do a fact check of your industry and look for signs of changes in financing trends. A rule of thumb in financing is to go after capital when you don’t need it.
If you have more questions, please put on your New Year’s list to attend a BizLaunch workshop in 2019. We hope to see you at a BizLaunch program in the New Year! Here’s to a productive and profitable 2019.
This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: How did the Arlington real estate market perform in 2018 and what do you expect in 2019?
Answer: Happy 2019! Before 2018 is too far in our rearview, I’d like to update you on how the market performed in 2018 and what you can expect going forward in 2019. This week will focus on detached single-family homes.
Next week we’ll take a look at the condo and townhouse market, then conclude with a deep analysis of sales activity following the Amazon HQ2 announcement. If you’re here for fancy graphics, I’m sorry to disappoint… good data will have to do.
Happy Owners, Frustrated Buyers… Again
2018 continued the strong appreciation in the detached single-family housing market we saw in 2017, with 4.6% appreciation following last year’s 4.5% growth. Growth in 22203 (15.4%) and 22201 (11%) led the way. Unlike 2017, which added inventory year-over-year (YoY), we’re in the 5th straight quarter of YoY inventory loss with an average YoY quarterly decline of roughly 20% in 2018… brutal.
There was a drop in total sales this year from 2017’s high of 1,153 to a five-year low of 1,041. The drop, in my opinion, has nothing to do with lack of demand, rather frustrated buyers not finding what they want and/or what they want getting too expensive (I’ve got a few clients nodding along).
The prices below represent net sold price calculated by subtracting any seller-paid closing cost credits against the sold price. 22206 and 22213 have relatively few sales, so averages aren’t reliable and I removed 22209 (two detached sales).
Real Estate Highlights from 2018
Median net sold price increased 3.5% to $890,000 after last year’s 5% growth
Buyers had a harder time negotiating in 2018, paying .4% more relative to the original asking price than last year. 40.7% of homes sold for at or above the original asking price.
Median days on market remained almost unchanged from previous years, sitting at 49 days in 2018. 36% of homes sold within their first week on the market.
New construction sales dropped for the first time in years from 129 in 2017 to 87 in 2018. It’s the first time new home sales have been below 100 since 2013. I’ve been saying for a couple of years now that I think buyers are tiring of the same designs in new construction and builders who deliver some variation will reap the benefits. Note: the MLS captures a majority of new home sales, but not all of them.
The average detached home sold in 2018 was built in 1959, which is in-line with historical trends. It’s likely that this stat will remain about the same until more of Arlington’s Baby Boomers decide to downsize/relocate and free up more 1970s-1990s housing.
On average, a home in Arlington has 4 BR/3.5 BA over 3,000 sq. ft. on .20 acres of land
What to Expect in 2019
Building Price Momentum — A majority of the YoY price growth in 2018 occurred in Q3 (13.3% YoY) and Q4 (8.6% YoY). Hold on tight, as of 12 p.m. on January 7, 29 homes had already gone under contract this month.
Historically Low Housing Inventory — Over the last five years, Arlington has averaged 145 detached homes for sale in January and never had a month that averages below 100 homes for sale in 10+ years. There are currently 84 detached homes for sale in Arlington and only 13 of them are under $1M, but don’t worry friends, 22 of them are over $2M!
Leveling Interest Rates — Many buyers hesitated in 2018 due to rapidly increasing rates and it held pricing back. Buyers will start to adjust to these rates in 2019 and the Fed is expected to increase their rate twice this year, after doing so four times in 2018. A more stable interest rate will likely give buyers more confidence to purchase.
Amazon — A big question is how both buyers and sellers will react to Amazon HQ2 coming to Arlington. Based on what I’m seeing in the market and what I’m hearing from clients and colleagues, buyers will be more comfortable increasing their budget or paying above past sales with the security of (probable) future mid-long term growth.
On the other hand, quite a few would-be sellers are finding ways to hold onto properties for a bit longer which will exacerbate our housing inventory problems.
Up next week… a similar look at the Arlington condo market!
If you are buying or selling a home in or around Arlington in 2019 and would like to talk further about your strategy, you can send me an email at [email protected] to schedule a meeting.
If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
Veterans’ benefits are forever changing, and this year some major modifications have been made to the federal program.
The biggest changes affect the GI Bill, Space-A travel, the Uniform Code of Military Justice, reservists’ allowance and the Tricare dental program.
Changes to the GI Bill
The GI Bill is a huge benefit of being in the military, as it helps veterans and their family members with their educational goals. This year Veterans Affairs will give eligible individuals enrolled in a science, technology, engineering and math (STEM) program nine more months of coverage.
The VA may also pay up to $30,000 instead of the nine months. Typically the lesser amount will be paid. To be eligible for these additional months, individuals must have already completed 60-semester or 90-quarter hours in an applicable program. Enrollment in a 128-semester or 192-quarter hours course is also required.
Space-A Travel
Space-A flights allow members of the military, and their families, to travel on military planes and charters when the aircraft has empty seats. In 2019, disabled veterans that have a disability rating of 100 percent are eligible for these flights.
New Addition to Uniform Code of Military Justice
The Uniform Code of Military Justice outlines military law in the United States. Now the Code will include Article 128b, which addresses domestic violence. It will include provisions for assault, intimidation, violation of a protective order, damaging property and injuring animals.
Allowance for Reservists
A new law allows reservists a high-deployment allowance up to $1,000 a month. There are eligibility requirements, such as reservists must be mobilized under Section 1104(b).
Tricare Dental Program Changes
Retired veterans enjoying Tricare coverage should know that the FEDVIP program will replace the Tricare Retiree Dental Plan (TRDO). This change also allows those with family members on active duty access to vision insurance.
“All veterans should know about these changes, to ensure they are taking advantage of all benefits that are available to them,” says John S. Berry, Jr. of Berry Law. “It is also important veterans understand that while these are federal changes, they should also investigate the many changes occurring at the state level across the country.”
