Fillable Form FL-142

What is Form FL-142?

Form FL-142, also known as the "Schedule of Assets and Debts," is a legal document used in California divorce proceedings. This form is part of the financial disclosure process and is used by both parties to list all their assets and debts. It provides a comprehensive overview of each spouse's financial situation, including properties, bank accounts, investments, retirement accounts, vehicles, and any other assets or liabilities.

It is often filed alongside other family law forms, such as Form FL-150, Income and Expense Declaration, in order to properly and fully settle the legal separation case between both parties. While not always considered a mandatory use, judicial council rulings can require one or both parties to provide this form in addition to any others.

The purpose of Form FL-142 is to ensure transparency and fairness in the division of marital property and debts during divorce proceedings. By disclosing all assets and debts, both parties and the court can make informed decisions about property division, spousal support, and other financial matters related to the divorce.

It's essential for individuals going through the divorce process in California to accurately and honestly complete Form FL-142 to comply with legal requirements and to facilitate a smooth resolution of financial matters related to the divorce.

How do I fill out Form FL-142?

You may find a fillable copy of the FL-142 form here. It is very important to have all of the necessary documents ready in order to ensure that all information you entered is correct and accurate.

Information of Party Without Attorney or Attorney

Enter the following information in the spaces provided.

• State Bar Number
• Full Legal Name
• Firm Name
• Firm Address (Street address, City, State, ZIP Code)
• Telephone Number
• Fax Number
• Email Address
• Attorney For (enter client’s full legal name)

Superior Court Of California, County Of

Enter the following information about the judicial council and court this form (or the form it is being filed in relation to) is being filed with in the spaces provided:

• Street Address
• Mailing Address
• City and ZIP Code
• Branch Name

Petitioner

Enter the full legal name of the petitioner.

Respondent

Enter the full legal name of the respondent.

Schedule of Assets and Debts

Mark the box that corresponds to whose schedule this form will serve as.

Case Number

Enter the case number associated with this form.

Asset and Property Declaration

For each asset indicated in the table provided below, enter the following information:

• Asset Description
• Separate Property (Enter P for Petitioner or R for Respondent to indicate whom this property belongs to, if you contend that this asset is separate)
• Date Acquired
• Current Gross Fair Market Value
• Amount of Money Owed or Encumbrance

The assets for which you will need to enter the above information are the following. Attach any requested documents to serve as certification or confirmation that you possess these assets:

• Real Estate
• Household Furniture, Furnishings, Appliances
• Jewelry, Antiques, Art, Coin Collections, etc.
• Vehicles, Boats, Trailers
• Savings Accounts
• Checking Accounts
• Credit Union, Other Deposit Accounts
• Cash
• Tax Refund
• Life Insurance with Cash Surrender or Loan Value
• Stocks, Bonds, Secured Notes, Mutual Funds
• Retirement and Pensions
• Profit-Sharing, Annuities, IRAs, Deferred Compensation
• Accounts Recoverable and Unsecured Notes
• Partnerships and other Business Interests
• Other Assets
• Total Assets from Continuation Sheet

Total Assets

Enter the total value of all the assets in the spaces provided.

Debts

Enter the following information for each of the debts indicated in the table below:

• Debts - Show to Whom Owed
• Separate Property (Enter P for Petitioner or R for Respondent to indicate whom this debt belongs to, if you contend that this debt is separate)
• Total Owing
• Date Incurred

The debts for which you will need to enter the above information are the following. Attach any requested documents to serve as certification and/or confirmation of these debts, when necessary:

• Students Loans
• Taxes
• Support Arrearages
• Loans - Unsecured
• Credit Cards
• Other Debts
• Total Debts from Continuation Sheet

Total Debts

Enter the total value of all the debts in the spaces provided.

Number of Pages

Mark this box if you attached continuation sheets to this form, then enter the number of sheets that you attached.

Signature and Certification

Enter your name, the date you are signing this form, and your signature in the spaces provided.

Frequently Asked Questions (FAQs)

Is Form FL-142 required in every divorce case in California?

Yes, Form FL-142 is a required document in divorce cases in California as part of the financial disclosure process.

Can incomplete or inaccurate information on Form FL-142 lead to legal consequences?

Yes, providing incomplete or inaccurate information on Form FL-142 can lead to legal consequences, including penalties for non-disclosure or perjury.

How does Form FL-142 contribute to the determination of spousal support?

Form FL-142 provides a comprehensive overview of each spouse's financial situation, which helps determine the appropriate amount of spousal support based on income, assets, and liabilities.

What is the deadline for submitting Form FL-142 in divorce proceedings?

The deadline for submitting Form FL-142 varies depending on the court's rules and the specific timeline set forth in the divorce proceedings.

Can assets acquired after filing Form FL-142 be included in the divorce settlement?

Assets acquired after filing Form FL-142 may still be subject to division in the divorce settlement, depending on the laws of equitable distribution in California.

How are joint assets handled on Form FL-142?

Joint assets are listed on Form FL-142 with their respective values, and decisions regarding their division are made during the divorce proceedings.

Can Form FL-142 be amended after submission?

Yes, Form FL-142 can be amended if there are changes or updates to the financial information provided, but amendments should be made promptly and in accordance with court procedures.

What happens if one spouse refuses to complete Form FL-142?

Refusal to complete Form FL-142 can lead to legal consequences, including court orders compelling compliance and potential sanctions.

Are gifts and inheritances included on Form FL-142?

Gifts and inheritances received by either spouse during the marriage may be included on Form FL-142, depending on the laws governing community property in California.

How does Form FL-142 affect child support calculations?

Form FL-142 provides information about each parent's financial situation, which can impact child support calculations by considering each parent's income, assets, and expenses.

Can Form FL-142 be used as evidence in court?

Yes, Form FL-142 can be used as evidence in court to support financial claims and decisions related to property division, spousal support, and other matters in divorce proceedings.

Can Form FL-142 be sealed from public access?

In certain circumstances, such as to protect sensitive financial information, Form FL-142 may be sealed from public access by court order.

Can Form FL-142 be filed electronically?

Some courts may allow electronic filing of Form FL-142, but it's essential to verify the specific filing requirements with the court handling the divorce case in order to be sure.

Are personal belongings such as clothing and jewelry listed on Form FL-142?

Personal belongings of significant value, such as expensive jewelry or collectibles, may be listed on Form FL-142, but common household items are typically not included.

Is Self-Employment Income included on Form FL-142?

Typically, yes. The form requires disclosure of all sources of income, including wages, salaries, bonuses, commissions, self-employment income, rental income, investment income, and any other sources of revenue.

Can Form FL-142 be amended after the divorce is finalized?

Once the divorce is finalized, it may be more challenging to amend Form FL-142, but changes to financial information may still be possible through legal procedures if warranted by significant changes in circumstances.

Can Form FL-142 be used to contest the validity of a postnuptial agreement?

Form FL-142 may provide information relevant to the validity of a postnuptial agreement, but challenges to the validity of such agreements involve legal considerations beyond the contents of Form FL-142.