An instrument is described, which measures the efficiency of Förster resonance energy transfer (FRET) in parallel to the sample's turbidity. The instrument was used to study the film formation from polymer latex dispersions. In this context, the FRET efficiency reflects the diffusion of polymer chains across the interparticle boundaries, while the loss of turbidity reflects the progress of particle deformation. Particle deformation causes tensile in-plane stress, while polymer interdiffusion creates cohesion and thereby helps to prevent cracking. The relative timing between the two therefore is of fundamental importance for successful film formation. The on-line determination of FRET efficiency while the film dries is complicated by the fact that the fluorescence lifetime of the donor, τ(D), depends on the water content in the vicinity of the donor. In the established procedure for data analysis, drifts in τ(D) induce corresponding artifical drifts in the values of the FRET efficiency. A novel algorithm for the analysis of fluorescence decay profiles is proposed, which makes use of the method of moments. The FRET efficiency is quantified by the upward curvature of the fluorescence decay curve in log-linear display. In the application example, interdiffusion is delayed relative to particle deformation by about 10 min. For successful film formation, this delay should be as small as possible.