When you need form FL-142
When going through a divorce in California, the FL-142 Schedule of Assets and Debts form is a critical document used during the financial disclosure phase. This form is necessary when each party must provide a full and transparent accounting of all community and separate property and debts. It ensures that both parties have a comprehensive understanding of the financial landscape of their marriage, which is essential for just property division.
- **Initiating Divorce Proceedings**: You typically need to complete a Preliminary Declaration of Disclosure, which includes the FL-142.
- **Filing Petition for Dissolution**: After filing, each party is required to exchange financial information.
- **Receipt of Financial Disclosures Request**: If the opposing party or court compels financial disclosure completion.
Completing the FL-142 is often triggered by the filing of a Petition for Dissolution of Marriage (FL-100) or the Summons (FL-110), which starts the divorce process and sets the groundwork for financial disclosures. This form helps ensure both transparency and fairness in dividing assets and debts.
1. **Preparation**: Ensure all your community and separate assets and debts are listed. For each item, gather necessary documents like bank statements, titles, or appraisals.
2. **Value Assessment**: Accurately assess the fair market value and any encumbrances on each asset. Also, list out all debts specifying amounts and creditors.
3. **Declaration Signing**: Sign the form under penalty of perjury, declaring all provided information is true and correct.
4. **Exchange**: Share your completed form with the other party involved in your divorce case; do not file this form with the court.
5. **Attachments**: If needed, attach supplementary sheets for additional items not accommodated by the form's standard sections.