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Tax Ramifications and Costs in Equitable Distribution
The recent Pennsylvnia Superior Court case of Balicki v. Balicki has sent shock waves throughout the family law community. The question family law practitioners face is whether the Balicki decision mandates the court to apply tax ramifications and the costs of sale to all assets when equitably dividing the marital estate. Balicki v. Balicki , 2010 PA. Super 134, July 30, 2010.
Background
In 2005, the Pennsylvania Divorce Code was amended. Section 3502 pertains to “Equitable division of marital property.” The following two subsections (10.1 and 10.2) were added to Section 3502(a): “(10.1) The Federal, State, and local tax ramifications associated with each asset to be divided, distributed or assigned, which ramifications need not be immediate and certain”; and “(10.2) The expense of sale, transfer or liquidation associated with a particular asset, which expense need not be immediate and certain.”
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