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Is it the right time to make a move with a real estate purchase?

When a Virginia resident is considering a home purchase, he or she may worry about whether this is the right time to move forward with that process. Before moving forward, it is in the interests of the buyer to consider the market, the economy and other things that could impact his or her long-term interests. A real estate purchase is a significant investment, and due diligence can help a buyer avoid various types of complications.

One thing to consider is that the current market is a buyer's market. This is good news for a person who is looking to buy a home or invest in residential real estate, but it could also mean there will be more competition. There may be less inventory, which means that a buyer may have to be willing and able to move quickly if necessary to put an offer in on a specific property.

Keeping drivers awake may prevent personal injury incidents

A Virginia driver is responsible for making smart decisions that will not needlessly endanger others. This means avoiding distraction, finding another ride when intoxicated and avoiding operating a vehicle when extremely fatigued. Tired driving is dangerous, and it significantly increases the chance of a personal injury incident. 

While technology is one of the main sources of distracted driving, developers and car manufacturers are finding ways to implement certain types of technology that could actually make the roads safer for everyone. One way they are doing this is through the development of a camera system that could help a driver stay awake. Starting in 2022, new vehicles in Europe will come standard with this technology. It's possible this could eventually become a new standard in the United States as well.

Improving your estate plan in 2020

With so little time left in 2019, you may be wondering how you can make the most of it. If you are looking for ways to do something positive and generous for your loved ones, you may wish to consider reviewing your estate plan. This simple act can provide your family with a legacy of your love and compassion for which they will be forever grateful.

If your estate plan currently consists of a simple will, you may want to examine whether additional documents may benefit you and your loved ones. For many in Virginia, a lack of information about the options available is the main reason why they do not leave a more complete estate plan after they pass away. Having even a general idea of what constitutes a comprehensive plan may give you enough to start an important conversation with your estate planning attorney.    

Family law disagreements and their long-term impact on kids

When parents divorce, the kids can suffer mentally and emotionally. To minimize the potential negative impact of their family law choices, Virginia parents may try and reach a beneficial custody arrangement that provides access to both of them and as much continuity of lifestyle as possible. In some situations, parents are not able to work together peacefully, and as a result, parental alienation may take place.

Parental alienation is something that happens when one parent does things to sabotage the relationship the kids have with the other parent. This type of manipulation can harm a child's perception of a parent, ultimately undermining the entire parent-child relationship and the role of the parent in the life of his or her children. There is evidence that alienation can have long-term impacts or even permanently alter an important relationship.

Family law decisions and how they can impact women post-divorce

A divorce will inevitably bring significant financial changes post-divorce. This is why it is important for a person to think carefully about the family law decisions he or she will make during this process, especially women who are considering ending their marriages. During a divorce, there are certain financial challenges women may face, but it is possible to overcome these things and emerge to a strong post-divorce future.

Money is one of the main concerns Virginia women have regarding their divorces. They worry that they won't have enough income or be able to support themselves on one income. They may also have concerns about how their lifestyles will change, even if they receive alimony payments. Statistics suggest that women experience around a 20% decline in income after they divorce while men often experience an increase in income. 

Finalizing a real estate purchase before the end of the year

As the end of the year approaches, potential Virginia home buyers are less likely to try and make an offer. The holiday season can be busy, and for many, the thought of also trying to make a real estate purchase at this point in the year may not seem practical. In reality, it may actually make sense to try and buy a house before the calendar rolls over to 2020. 

Homeowners enjoy certain types of tax benefits, and a potential buyer may find that it makes the most sense for his or her 2019 taxes to go ahead and buy a home. It may be possible to deduct both interest from a mortgage and property taxes, and sometimes closing costs are deductible as well. For someone who is on the fence about buying a house or who has not yet made an offer on a house he or she likes, now may be a good time to move forward.

Family law choices and their long-term impact on retirement

The choices that a person makes during the divorce process will affect him or her for years to come. This is why it is crucial to think long-term during this process, especially if a person is nearing the age when he or she can retire. Family law decisions made during divorce may affect future interests, especially those related to retirement or future financial security.

Divorce will require both Virginia spouses to walk through significant financial adjustments. This may include working more years until retirement, as property division will likely result in splitting these long-term savings between the spouses. This can be a significant amount of money if a couple was married for a long time. Younger people have more time to rebuild savings and recover financially after a divorce before they move into retirement.

Property division, retirement accounts and how to split them

If you face divorce, you are probably nervous about property division, especially if you have had a long marriage and accumulated considerable assets.

Retirement accounts are probably among those assets. How will you divide accounts like your 401(k) and IRA?

Family law choices and their potential impact on retirement

When a decision is made to go through with a divorce, it will have a significant impact on his or her life. Both parties will have to make financial adjustments, and it is particularly important to consider how family law choices made during this time will impact retirement. This is especially critical for Virginia couples who are close to retirement age or over the age of 50.

It is possible to have a strong financial future after divorce. One way to accomplish this is to first take inventory of all assets, investments, accounts and property that the two spouses will have to divide. This provides an idea of what is at stake and what assets are marital property. Another important step is to ensure that a proper Qualified Domestic Relations Order is drafted. This is a document that is necessary for the distribution of assets in certain types of retirement accounts.

Awareness event focuses on teen driver safety

Getting a driver’s license is an exciting time for many teenagers, but it can also be one of the most dangerous. Virginia parents and teens alike should understand the risks that teen drivers face, as well as those who share the roads.

The National Highway Traffic Safety Administration has designated October 20 through 26 as National Teen Driver Safety Week. Motor vehicle accidents kill more teenagers between the ages of 15 and 18 in the country than any other factor. In 2017, 2,247 people in the U.S. were killed in crashes involving a teenage driver. Of these fatalities, 755 were the teen driver.

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Madigan and Scott, Inc.
7880 Backlick Road
Suite 2
Springfield, VA 22150

Phone: 703-455-1800
Fax: 703-451-4121
Springfield Family Law Office