I believe the division of property, assets and debts as of the date of separation is 100% acceptable if what transpired after is fair. If not fair, then maybe a division as of current dates might be more suitable. Or if the current date is chosen and not particularly fair to party 2, then sometimes this can be simply remedied by negotiation (example: party 1 gives party 2 an extra $5,000…to avoid all the negotiations/headache of assessing everything from the past).
When working with me with the drafting of a separation agreement, I recommend you not be too concerned as to which date is picked at this time, only that we have full disclosure. So, focus on the disclosure at the time of separation, at the time you started separating assets and as of the current date.
Once we’ve put everything together for review, your lawyers can advise as to what is most appropriate for your particular situation. Also, sometimes the law is not always clear (ie. there is always 2 lawyers representing two different views on a case, in which one often loses and one often wins). Regardless of the law or perhaps taking in consideration the law, 95% of all cases are negotiated, meaning they never make it to a Judge. Ultimately, though I can not give legal advice my answer is based upon 26 years experience and the knowledge that 95% of all cases end up being what the parties negotiate (sometimes taking into account the law and sometimes not).