Florida Statute 61.075 is Florida’s equitable distribution statute for marital asset valuation Florida. This Statute tells us a lot about the date for valuations of marital property (assets and debts). Fla. Stat. § 61.075(7) and Morgan v. Morgan, 327 So. 3d 898, 899, (Fla. 2nd DCA 2021), identifies that “equitable distribution of marital assets is a three-step process: (1) identification of marital and nonmarital assets, (2) valuation of marital assets, and (3) distribution of marital assets as statutorily prescribed.” When you need help determining the value of marital assets in Florida, call Jacobs Law Firm at 407-335-8113.
Based on § 61.075(7), Fla. Stat., the Morgan Court “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. You may want to analyze the values of your real and personal property items as of both dates to conclude which approach is best for your case.
This can be true, but also, in determining the value of marital assets in Florida, “a trial court has significant discretion in determining the date of valuation of marital assets.” Canakaris v. Canakaris, 382 So. 2d 1197 (Fla. 1980)]; Moore v. Moore, 543 So. 2d 252 (Fla. 5th DCA 1989); Szemborski v. Szemborski, 530 So. 2d 361 (Fla. 5th DCA 1988). Further, based on the Statute, the Florida Supreme Court and its DCA progenies have stated the “date for determining the value of marital assets and liabilities is whatever date the trial judge determines is just and equitable under the circumstances. The trial court, in its discretion, may value different assets and liabilities as of different dates as the circumstances require.” This is so important for marital asset valuation in Florida. The Court has judicial discretion and may (subject to challenge) value different property based on different dates if that is what justice so requires in a court of equity.
For example, in Norwood, the Court ruled that the date of separation was the most appropriate for marital asset valuation in Florida. Norwood v. Anapol-Norwood, 931 So. 2d 951, (Fla. 3rd DCA 2006). Careful trial court and litigating attorneys; if different valuation dates are used to achieve equity, there must be substantial justification for the court’s exercise of its discretion. Tritschler, 273 So. 3d at 1165 (quoting Struble v. Struble, 787 So. 2d 48, 50 (Fla. 2d DCA 2001)). McGowan v. McGowan, 344 So. 3d 607, 613, (Fla. 1st DCA 2022). Call Jacobs Family Law Firm at 407-335-8113.
