Opinion ID: 1300971
Heading Depth: 2
Heading Rank: 2

Heading: Time of Valuation of Annuity and Retirement Accounts

Text: In addressing the division of the annuity and retirement accounts which were correctly determined to be marital property, the lower court directed the division to be effective from the date of divorce rather than the date of separation. Mrs. Conrad contends on appeal that these holdings should be valued as of the date of separation. She maintains that Mr. Conrad received a total of approximately $33,094.00 from the annuity during the three years between the date of separation and the date of the divorce. She further avers that the retirement account had accumulated interest at the rate of $1,000.00 per quarter between the separation and the divorce, for a total of approximately $12,000.00. West Virginia Code § 48-7-104 (2001) (Repl.Vol.2004) provides that a court should [d]etermine the net value of all marital property of the parties as of the date of the separation of the parties or as of such later date determined by the court to be more appropriate for attaining an equitable result. This Court has consistently recognized that the separation date is important to a determination of marital property subject to equitable distribution Chafin v. Chafin, 202 W.Va. 616, 505 S.E.2d 679 (1998). Based upon the circumstances of the present case, we direct the lower court, on remand, to assess the present value of the annuity and retirement accounts as of the date of separation and to divide those holdings accordingly. Mrs. Conrad is entitled to one-half of the proceeds from the annuity and retirement benefits received by Mr. Conrad between the separation and the divorce. On remand, the lower court should reallocate funds from Mr. Conrad to Mrs. Conrad as necessary to achieve that result.