In this appeal from a final judgment for dissolution of marriage, the husband argues that the circuit court erred in allocating the parties’ marital assets without accounting for the decrease in the value of his stock portfolio at the time of the final hearing. We agree and reverse.
At the final hearing, the only issue which the parties presented for the court’s determination was the allocation of two marital assets: the husband’s stock portfolio and the parties’ joint bank account. The husband informed the court that, at the time he petitioned for dissolution, his stock portfolio was worth $100,555.80, of which $62,442.41 was potentially subject to equitable distribution. The husband also informed the court that the parties’ joint bank account contained $28,648.37, of which $23,062.12 was potentially subject to equitable distribution. The court then asked the parties whether adding the $23,062.12 to the $62,442.41 resulted in a total of $85,504.53 being subject to equitable distribution. Both parties agreed.
The court then asked for the parties’ arguments regarding how to distribute the assets. The husband argued that the court should distribute the assets 75% to him and 25% to the wife. In support of that argument, the husband stated that he was severely injured in a traffic accident, leaving him partially disabled. The husband also stated that, since the time he petitioned for dissolution, his stock portfolio’s value decreased to $40,796.38 as a result of the overall economic decline.
The wife responded that the court should distribute the assets 50% to each party. In support of that argument, the wife stated that she took care of the husband after his accident and was entitled to compensation for that work.
The court orally ruled:
The court, having taken ... notice of the husband’s disability, and the parties having agreed on the values of the marital assets, will exercise its discretion in adjusting the equitable distribution ... so that the wife will receive 40% and the husband will receive 60% of the maritalassets, valued at $85,504.53. You guys might have to check my math, but according to my calculations this means that [the] wife will receive $34,201.81. Is that correct? Okay.
The court later entered a written final judgment for dissolution of marriage which mirrored its oral ruling.
The husband’s appeal followed. He argues that the circuit court erred in allocating the parties’ marital assets without accounting for the decrease in the value of his stock portfolio to $40,796.38 by the time of the final hearing. He requests us to reverse the final judgment and remand for the court to 'account for that factor.
We agree with the husband. Nothing in the court’s oral ruling or its written final judgment indicates that the court, in determining the allocation, considered the decrease in value of the husband’s stock portfolio. We recognize that “[t]he 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.” § 61.075(7), Fla. Stat. (2008);
see also Byers v. Byers,
[T]here frequently may be a substantial lapse of time between the date of commencement of the action and the date of trial.... Under such circumstances, the valuation of assets close to the time of trial may result in the formulation of an award consistent with the purpose of equitable distribution and insure that each spouse receives a fair share of the family assets accumulated while the marital relationship endured.
In her answer brief, the wife appears to contend that the husband invited the error by stipulating to the amounts which were potentially subject to equitable distribution at the time the husband petitioned for dissolution.
See Bryan v. Bryan,
Because we reverse the final judgment, the husband’s second argument that the final judgment is deficient because its form allegedly does not comply with section 61.075(3), Florida Statutes (2008), is moot. On remand, however, the court shall insure that the form of the final judgment com
Reversed and remanded.
