Learn How to Describe Assets and Expenses on the FL-150 Income and Expense Declaration in Your California Divorce

Learn How to Describe Assets and Expenses on the FL-150 Income and Expense Declaration in Your California Divorce

The FL-150 is a lot easier for most people getting a divorce in California to complete than it is to complete and compile the information on the FL-142 Asset and Debt Declaration. I address the FL-142 here.

With respect to the FL-150 people sometimes get confused about sections 11 and 13. Section 11 asks about assets and section 13 asks about expenses.

In section 11 both parties should include all marital assets of which they are aware. This includes the marital residence if you own one. It is irrelevant if you both still live in the house or if one of you has left. Include the value even if you are in the process of being bought out of your interest in the residence. The same applies to any investment and retirement accounts as there is a community property component  to retirement accounts until the divorce judgment is issued.

For section 13 on expenses, you should list your actual current expenses. Perhaps counter intuitively you would include your rental expenses, such as rent, insurance, and utilities, but not the mortgage on the house where your spouse resides if you have moved out and your ex is paying the mortgage and other expenses. You would include the mortgage and related real property expenses if you are still paying the mortgage and expenses regardless of whether you live in the house.