MACPHERSON v. MACPHERSON
So. 3d (Fla. 6th DCA 2024) 49 FLW D1000 (5/10/2024)
THE TRIAL COURT ERRED WHEN IT DETERMINED THAT A LOAN FROM THE HUSBAND’S PARENTS THAT WAS USED TO PURCHASE THE MARITAL RESIDENCE WAS A MARITAL LIABILITY WHEN THE LOAN HAD BEEN PAID OFF PRIOR TO THE DATE THAT THE PETITION WAS FILED.
This is true even though the loan was paid off during the parties’ separation and the marital home was valued as of the date of the separation. “… (W)hile a trial court has discretion as to the date it uses to value marital assets and liabilities and we find no error in the trial court’s exercise of discretion as to the valuation date for the home in this case, the trial court does not have discretion as to the date used to determine the existence of marital assets and liabilities and whether they are subject to equitable distribution. … If an asset or liability does not exist as of the applicable cut-off date mandated by Section 61.075(7), then the asset or liability cannot be distributed in equitable distribution.”