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50 Northcrest Drive, Council Bluffs, Iowa 51503

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Category: Articles

Child Tax Credits

By May 5, 2021 Posted in Articles

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 […]

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How Does Getting a Divorce Affect Filing My Taxes?

By Apr 28, 2021 Posted in Articles

       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 […]

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Alimony & Tax Consequences

By Feb 17, 2021 Posted in Articles

            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 […]

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Which Parent Gets the Child’s Stimulus Check?

By Feb 10, 2021 Posted in Articles

     Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, most Americans are eligible for another round of stimulus checks (also called Economic Impact Payment). Individuals who reported adjusted gross income of $75,000 or less on their 2019 tax returns will receive $600 each and $600 per child. The same goes for couples filing jointly with $150,000 or less of adjusted gross income or $112,500 or less for head of household. The Biden […]

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Student Loan Debt May Have Financial Implications On Your Divorce

By Feb 2, 2021 Posted in Articles

           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 […]

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Which Party Receives the Employment-Sponsored Pension or Retirement Plan in a Divorce?

By Jan 4, 2021 Posted in Articles

          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. […]

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Getting Remarried? Get a Prenup!

By Dec 28, 2020 Posted in Articles

            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 […]

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Failing to Seek Expert Advice is Risky…

By Dec 21, 2020 Posted in Articles

An attorney that specializes in family law can be an invaluable tool for assisting you in navigating your divorce proceeding. Not only is your attorney 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 divorce attorney will avoid costly mistakes that could potentially be irreversible. Aside from […]

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Part III: Property in Your Divorce, Martial Property-What Are We Dividing?

By Nov 24, 2020 Posted in Articles

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 […]

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Part II: Property in Your Divorce, Treatment of Gifts and Inheritances

By Nov 19, 2020 Posted in Articles

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 […]

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50 Northcrest Drive, Council Bluffs, Iowa 51503
Phone: 712.256.9899

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