Division of Property And Assets In Palm Beach County, Florida

Division of Marital Property and Marital Assets – Classification of Marital Assets in Florida

Assets and liabilities not in existence on the date of filing, the date of separation, or the date of entry into a separation agreement should not be classified as marital assets.  In Fortune v. Fortune, the Florida Court of Appeal stated that…

“Relevant to the facts of this case, ‘[t]he cut-off date for determining assets and liabilities to be identified or classified as marital assets and liabilities is…the date of the filing of a petition for dissolution of marriage.’ § 61.075(7), Fla. Stat. (2009). Assets and liabilities not in existence on that date should not be classified as marital. See Schmitz v. Schmitz, 950 So. 2d 462, 463 (Fla. 4th DCA 2007); Byers v. Byers, 910 So. 2d 336, 344-45 (Fla. 4th DCA 2005).” 

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