News & Resources

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 […]

Generally, Iowa law states that gifts and inheritance a divorcing spouse received before or during the course of the marriage are considered separate property of the person who received them and will be treated as his or her separate property.  Consequently, said gifted or inherited property in this scenario would not be categorized as “marital assets” subject to equitable division in the divorce case.  There is, however, an exception to this rule that allows a […]

Property In Your Divorce: Part I Premarital Property – “I Had It Before I Married You So It Is Mine!”… Maybe Not… A common misconception for most people going through a divorce is that if they owned a piece of property, or an asset, before they married their partner that it is theirs. That may, or may not, be the case. The Iowa law states that premarital property “may” be given back to the person […]

Farmers, unlike regular business owners, are confronted with very complex issues involving  identification and valuation of assets merely by nature of the business they own and operate.  Many farm divorces consist of a farming operation that has been owned by a farm family for generations.  Now, one of the family members is faced with a divorce and the family may be confronted with a determination of how the “family farm” will be maintained.              Because […]