California Divorce Form FL 142 Schedule of Assets & Debts
Disclaimer! The contents of this video provides a general overview on how to complete FL 142. The boxes you may need to check may differ depending on your specific circumstance. The material in this video is for educational purposes only and does not constitute legal advice. Consult with an attorney to obtain legal advice about your divorce.
In this video, you will learn how to complete California divorce form FL 142, Schedule of Assets and Debts. This form must be completed after you file for divorce. Form FL 142 is easy to fill out. You must provide a Schedule of Assets and Debts to your spouse in an uncontested divorce. The final declaration of financial disclosures may be waived depending on whether your divorce issues are settled.
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 you to disclose all the information you have or can obtain regarding the marital assets and debts you have an separate property assets and debts. This form may take some time to complete if you do not have access to all of your financial records.
*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, check the appropriate box associated with your title (petitioner or respondent). Now, William must list all assets and debts he owns (you will do the same on your forms).
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. Insert “pre-marriage.” “during marriage,” or “after separation,” if you do not remember the exact date in which you acquired an asset or debt.
William used Zillow to obtain the fair market value of the community property residence. You are not required to obtain an official appraisal. You can also obtain an estimate from Zillow. You can review your latest mortgage statement to obtain the amount of money outstanding on the mortgage if applicable. William must attach a copy of the deed and latest lender’s statement to this form and serve it on Kelly (you will do the same thing if applicable).
Next, William inserts the type of furniture and appliances the community owns. You will do the same for this section and provide a good faith estimate. If you owe money on household furniture, insert the outstanding encumbrance and provide a copy of your most recent statement to the opposing party. You can 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 to you, provide your spouse with a copy of your most recent lender statement. Use the Kelley Blue Book to obtain an estimated value of your 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.
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 you own a business, you will have to insert accounts receivables, unsecured notes, and partnership and other business interest. Insert other assets if you are unable to put a specific assets in a category referenced on this form.
The final page of FL 142 requires you to list your debts. In this section, list out all of the community and separate property debts you owe.
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