The separation date of the parties is NOT the date to use to classify marital assets and liabilities unless there is a valid separation agreement
Part of opinion: The former husband also argues that the trial court erred in failing to apply the proper classification date to the assets and liabilities it did identify. The final judgment bears this out, showing that the trial court was focused on the date it believed the parties effectively ended their marriage. Section 61.075(7), Florida Statutes (2017), requires that the date for determining which assets and liabilities can be classified as marital assets or liabilities is the earliest of the date the parties entered into a valid separation agreement or the date the petition for dissolution of marriage was filed. Because there was no separation agreement in this case, the parties’ assets and liabilities had to be identified as of the date the former wife filed her petition. See Tritschler v. Tritschler, 273 So. 3d 1161, 1165 (Fla. 2d DCA 2019). After the assets and liabilities are identified, the trial court must then place a value on each. The date used in determining the value of the assets and the amount of the liabilities is left to the discretion of the court. See § 61.075(7) (“The date for determining value of assets and the amount of liabilities identified or classified as marital is the date or dates as the judge determines is just and equitable under the circumstances.”). This discretion arises only after the assets and liabilities are characterized as marital or nonmarital. See Rao-Nagineni v. Rao, 895 So. 2d 1160, 1161 (Fla. 4th DCA 2005).
Comment: Valuation of assets and liabilities only takes place AFTER the classification of assets and liabilities.
Court: 2nd DCA
Case No. 2D20-162
Case Name: RICHARD THOMAS MORGAN v. MONICA SUE MORGAN,
Opinion date: September 17, 2021
Link to full opinion: https://hi.switchy.io/7EIQ