News & Resources

                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 […]

          As previously discussed in our recent blogs last month on property division in the context of a divorce, property of the spouses is classified as either marital property or separate property.  Marital property is subject to equitable division between the spouses whereas separate property is excluded from the marital estate.  Typically, the spouses’ property consists of real estate, household furnishings, vehicles, and bank accounts, i.e., checking, savings, and retirement accounts. […]

            Although, possibly not the most romantic topic to broach with your future spouse, it might end up being an extremely useful agreement. A properly drafted prenuptial agreement can provide clarity and reduce disputes if and when divorce becomes a reality. The attorneys at Simpson Legal Group, LLC assist with the preparation, drafting, and enforcement of comprehensive and personally-tailored prenuptial agreements in the state of Iowa. These agreements are contracts that address the ownership and […]

A lawyer that specializes in family law can be an invaluable tool for assisting you in navigating your divorce proceeding. Not only is your family lawyer there to help you reduce stress, but also to avoid mistakes. In divorces involving complicated issues such as child custody and support, substantial income, assets, debts, or even future assets, there is ample room for error. Your family lawyer will avoid costly mistakes that could potentially be irreversible. Aside […]

Iowa law provides that all property of the marriage will be equitably divided in your divorce.  Accordingly, any property you purchased or acquired during the course of the marriage will most likely be subject to equitable division in the divorce proceeding.  What does “equitable” mean?  Equitable division is what would be fair and reasonable, not necessarily equal, in your particular divorce proceeding.  The task of dividing property included in the marital estate can be broken […]