I prefer an easy morning, hydrating and relaxing before doing anything strenuous. I guess every body is different. I'm really not ready for a physical workout until I've been up for a while and well hydrated. (And a bit of caffeine helps me get motivated!)
I tend to get my workouts at 1pm-2pm (swim) and 5pm-6pm (walk or bike) as that fits well with my schedule. If that gives me belly fat, then so be it. Exercising when I feel like it improves my mood, and that's most important to me at this time in my life.