California Divorce Form FL 142 Schedule of Assets & Debts
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California divorce form FL 142, Schedule of Assets and Debts is easy to fill out.
Continuing with our sample couple, William must complete and serve form FL 142 on Kelly. Kelly must complete the same form and file on William.
FL 142 requires William to disclose all the information he has or can obtain regarding the marital assets and debts you have an separate property assets and debts.
*Note – this form should not be filed with the court. If you file this form with the court, anyone may have access to your personal information.
Referring back to the sample petitioner I have been using, William Richardson will have to provide his personal information on the heading of the form. William must also insert the case number the court clerk provided him when he filed the petition. This number must appear on all subsequent court forms filed with the court and exchanged on the opposing party (Kelly must include her personal information as well in the header section of this form). Next, William must check the appropriate box associated with his title (petitioner or respondent). Now, William must list all assets and debts he owns.
Next, William will insert all of the information applicable to the real estate the parties own. The parties acquired the house while they were married. If William bought this house before marriage, and did not use community property funds to pay down the home, he would insert an “X (P)” in the second column to indicate his separate property. William will insert “pre-marriage.” “during marriage,” or “after separation,” since he does not remember the exact date in which he acquired an asset or debt.
William used Zillow to obtain the fair market value of the community property residence. William must attach a copy of the deed and latest lender’s statement to this form and serve it on Kelly.
Next, William inserts the type of furniture and appliances the community owns. Since he owes money on household furniture, he will insert the outstanding encumbrance and provide a copy of the most recent statement to the opposing party. William could also insert “usual and customary”‘ into the furnishings field and an estimated fair market value if neither party is contesting who such items will go to upon divorce.
William has inserted property under vehicles, savings accounts , and checking accounts. A copy of the vehicle title must be provided to Kelly. If the pink slip has not been provided, William would provide his spouse with a copy of the most recent lender statement. WIlliam will use the Kelley Blue Book to obtain an estimated value of his car. Copies of the latest savings and checking account statements must be provided to Kelly. Kelly must provide similar documents to William (though it may seem redundant) upon listing the same assets as William.
William will insert the amount of the tax refund received. A copy of the last two year tax returns must be exchanged by both parties to satisfy the financial disclosure requirements. Next, William must disclose investment and retirement assets to Kelly. William will have to provide the latest financial statements for the accounts listed. If WIlliam owned a business, he will have to insert accounts receivables, unsecured notes, and partnership and other business interest.
The final page of FL 142 requires William to list his debts.
How to Avoid Going Into Debt During a Divorce
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