News & Resources

Valuing Artwork And Collectibles For Your Divorce When a couple gets divorced, the division of marital property can be stressful and complicated. Because Iowa is not a community property state but instead one that uses equitable distribution in divorce matters, it can be even more difficult for couples who have antiques, coin collections, rare pieces of art, and other items of substantial value. Those with questions or concerns about valuing artwork and collectibles for your […]

Dividing a Professional Practice in a Divorce Couples in Iowa who divorce often experience significant stress. Divorce can be complicated on its own, but when a professional practice is involved, it becomes more legally complicated and challenging. There are several factors that may determine the outcome in what can be a lengthy and costly divorce when a business is involved. Dividing a professional practice in a divorce can create the necessity for complex decisions, but […]

            One of the main components of any divorce case is the equitable division of property, i.e., the assets and liabilities of the parties.  The property is classified as either separate or marital property, assigned a value, then allocated to one spouse or the other.  The value of the property is usually the fair market value as of the date of separation.  Some types of property, such as bank accounts or retirement accounts, are simple […]

Shannon Simpson has been accepted to the Council Bluffs Executive Women’s Partnership       The mission of the Executive Women’s Partnership, is bringing accomplished leaders together in an inclusive environment to grow and accelerate the role women play in Council Bluffs executive leadership, through mentorship, education and innovative programming.   Fostering diversity and inclusion among women leaders. Providing executive training and professional development that advances and adds value to female executives. Building confidence in female […]

                By Scott Stewart of The Daily Record   A Council Bluffs attorney is a member of a task force created to accelerate the safe return of family law trails to the state of Iowa. Shannon Simpson, owner of Simpson Legal Group LLC and a practicing family law attorney in Council Bluffs for the past two decades, was appointed to the Jumpstart Family Law Task Force by the […]

Understanding Dependency Exemptions and the Child Tax Credit        Under the changes to the Tax Cuts and Jobs Act (TCJA) that took place in 2018, the child tax credit was expanded, but the dependency exemption was completely eliminated. This resulted in parents not being entitled to claim the exemption from 2018 to 2025. For years, parents had been entitled to this exemption for children which they provide support. The exemption reduced individual taxable […]

       Tax implications may not seem like the most important issue for someone going through a divorce but they can have serious financial consequences.  Certain provisions within a divorce agreement could make a substantial difference in the amount of your tax refund or liability.  Below are a few tax “rules” to keep in mind:   Timing of Divorce.  The IRS considers someone married for federal income tax purposes if the person is legally […]

March 2021 Newsletter – Business and Your Divorce – https://mailchi.mp/8fdfa1cbb069/jejly28nxd-13347631 April 2021 Newsletter – Taxes and Your Divorce –  https://mailchi.mp/9ebc86da012b/jejly28nxd-13354935  

            Pursuant to the Tax Cut & Jobs Act of 2017, beginning in January of 2019, any Decree of Dissolution of Marriage entered after January 1, 2019, where alimony is awarded to a party, the party receiving the alimony was no longer required to claim the alimony as income and the person paying the alimony was no longer eligible to deduct the alimony from his/her income.             The Biden Administration could change this legislation to […]

           The cost of education has skyrocketed over the past twenty-five years in the United States.  Whether attending college, university, and/or graduate school, most individuals obtain federal or private student loans to finance a portion or all of their secondary education.  Should a party incur student loan debt prior to entering into a marriage, said debt will most likely be considered a pre-marital liability in a divorce action.  Therefore, the student […]