Posted by Nydia Streets of Streets Law in Florida Divorce
What date is used to value assets in a Florida divorce? According to the Florida Statutes, “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. Different assets may be valued as of different dates, as, in the judge’s discretion, the circumstances require.” Fla. Stat. 61.075(7). This was an issue in the case Prince v. Honore, 4D22-1766 (Fla. 4th DCA August 9, 2023).
In this divorce case, the court determined the date of the filing of the petition for dissolution was the valuation date for assets. However, in determining the value of real property at issue, the court based the value on the sale of the home which occurred three years after the filing date, without explanation. This issue was appealed by the former wife.
The appellate court agreed with the former wife on this point, holding “Although ‘[d]ifferent assets may be valued as of different dates, as, in the judge’s discretion, the circumstances require,’ section 61.075(7), Florida Statutes (2017), ‘[t]he trial court’s equitable distribution scheme must comply with all the requirements of section 61.075 and be supported by proper findings establishing that the date of valuation is equitable.”
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