Division of Property and Assets in Palm Beach County, 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…

“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).” Fortune v. Fortune Portions of a marital loan used to pay for a nonmarital obligation, are not marital. “Moreover, a total loan obligation should not be classified as a marital debt if part of the debt is used to pay for nonmarital expenses. See Walker v. Walker, 827 So. 2d 363, 364-65 (Fla. 2d DCA 2002) (holding that it would be improper for the trial court to classify as marital debt portions of a loan that were used to pay for nonmarital property expenses…”

Categories

Archives