A time-varying model for the forward flight dynamics of a flapping-wing micro aerial vehicle is identified from free-flight optical tracking data. The model is validated and used to assess the validity of the widely applied time-scale separation assumption. Based on this assumption, each aerodynamic force and moment is formulated as a linear addition of decoupled time-averaged and time-varying submodels. The resulting aerodynamic models are incorporated in a set of linearized equations of motion, yielding a simulation-capable full dynamic model. The time-averaged component includes both the longitudinal and the lateral aerodynamics and is assumed to be linear. The time-varying component is modeled as a third-order Fourier series, which approximates the flapping dynamics effectively. Combining both components yields a more complete and realistic simulation. Results suggest that while in steady flight the time-scale separation assumption applies well during maneuvers the time-varying dynamics are not fully captured. More accurate modeling of flapping-wing flight during maneuvers may require considering coupling between the time scales.