How to Prepare the Judicial Council Form FL-142 Asset and Debt Declaration

Getting divorced is a lot harder than getting married. Among the many steps necessary during the divorce is preparing and serving the parties preliminary disclosures.

PRELIMINARY DISCLOSURES

The preliminary disclosures consist of the FL-142 asset and debt declaration, the FL-140 declaration of disclosure, the FL-150 income and expense declaration. Once you have prepared all of the preliminary declarations of disclosure you serve them on your soon to be ex spouse or their lawyer. You don’t file your preliminary declarations with the court, but you do file a declaration with the court affirming you have served the declarations. The form you file with the Court is the Judicial Council FL-141.

Judicial Council Form FL-142 is a Schedule of Assets and Debts that is used in divorce cases in California. This form is used to disclose all of the known community and separate assets and debts of each party. This information is used by the court to make decisions about child support, spousal support, and the division of property.

JUDICIAL COUNCIL FORM FL-142 ASSET AND DEBT DECLARATION

I am often asked questions about the FL-142, as it seems to befuddle many people.

Here’s how to prepare it:

To prepare the FL-142, you will need to list all of your assets and debts, as well as the value of each asset and debt. You will also need to indicate whether each asset or debt is community property or separate property.

Here are some tips for preparing the FL-142:

• Be as complete and accurate as possible. The court will rely on the information you provide to make important decisions about your case.
• List all of your assets and debts, even if they are in the possession of another person, including your spouse.
• If you contend an asset or debt is separate, put P (for Petitioner) or R (for Respondent) in the second column (separate property) to indicate to whom you contend it belongs.
• Be sure to include the following information for each asset and debt:
  • A description of the asset or debt
  • The date you acquired the asset or debt
  • The current gross fair market value of the asset or debt
  • The amount of money owed or encumbrance (if any)
  • For real property attach a copy of any deeds which relate to the property and the latest lender’s statement if any
  • For bank accounts, retirement accounts and credit card accounts attach the last statement for each account
  • For autos attach a copy of the title or the latest lender’s statement
• If you need more space, use a continuation sheet numbered to show which item is being continued.
• Be sure to sign and date the FL-142 before you serve it.

Here are some examples of assets and debts that you should list on the FL-142:

Assets:

• Real estate
• Bank accounts
• Retirement accounts
• Investment accounts
• Vehicles
• Household goods
• Jewelry and other valuables
• Business interests

Debts:

• Mortgages
• Credit card debt
• Unsecured loans
• Student loans
• Tax debt
• Child support debt
• Spousal support debt                                                                                                                                                                                                                                                  For a guide to the process of divorce read this article. If you need help, contact us for a free consultation.