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Disclaimer This article is for general informational and educational purposes only. It does not constitute legal advice and should not be relied upon as such. Court forms, filing requirements, and procedures are subject to change. Always verify current form versions at courts.ca.gov and consult a licensed California attorney for guidance specific to your situation. Reading this article does not create an attorney-client relationship with SuperDocs or any attorney. |
If you handle dissolution or legal separation cases in California, Form FL-142 — the Schedule of Assets and Debts — is one of the core financial disclosure documents both parties are required to exchange. It provides a structured inventory of everything the parties own and owe, and it is the foundation on which property division negotiations and court orders are built.
An incomplete or inconsistent FL-142 creates problems at every stage of the case — from initial settlement discussions to contested hearings. For attorneys and paralegals, the goal is to prepare it completely, accurately, and in full alignment with the other financial disclosures in the filing package.
Why FL-142 Matters
California’s mandatory disclosure requirements exist to ensure both parties have a full and accurate picture of the marital estate before making decisions about division. FL-142 is one of the two primary documents — alongside FL-150 — that fulfills this obligation.
A party who fails to disclose an asset on FL-142 risks serious consequences. Courts have the authority to award an undisclosed asset entirely to the other party, impose sanctions, or set aside a judgment that was based on incomplete disclosure. Thoroughness is not optional — it is a legal obligation.
When Is FL-142 Required?
FL-142 is required as part of the preliminary declaration of disclosure in all dissolution and legal separation cases. Specifically:
• Both parties must serve a completed FL-142 as part of their Preliminary Declaration of Disclosure (FL-140)
• It must be served on the other party — it is not filed with the court in most cases, but proof of service is filed via FL-141
• A Final Declaration of Disclosure is also required before judgment unless both parties waive it in writing using FL-144
• If significant assets are acquired or values change substantially during the case, the disclosure should be updated
In cases with complex or high-value assets, FL-160 (Property Declaration) may be used alongside or instead of FL-142 to provide additional detail. In simpler cases, FL-142 alone is typically sufficient.
FL-142 vs. FL-160: Which One to Use
A common source of confusion is when to use FL-142 versus FL-160. Here is the practical distinction:
• FL-142 — the standard schedule used in most dissolution cases. It covers all asset and debt categories in a structured list format and is sufficient for the majority of cases
• FL-160 — a more detailed property declaration used in cases with significant, complex, or disputed assets such as business interests, multiple real properties, or substantial investment portfolios
• Both forms can be used together — FL-142 as the primary schedule and FL-160 to provide additional detail on specific assets
When in doubt, FL-142 is the starting point. Add FL-160 when the complexity of the assets warrants it.
How to Complete FL-142: Section-by-Section Guide
1. Case Caption
Enter party names and case number exactly as they appear on FL-100 and all other filed documents. Consistency across the entire disclosure package is essential — name or case number discrepancies create unnecessary complications.
2. Real Property
List every parcel of real property in which either party has an interest. For each property include the address or legal description, the date acquired, how title is held, the gross fair market value, the amount owed on any mortgage or encumbrance, and the net equity. If the value is estimated rather than appraised, note that. Attach a copy of the most recent mortgage statement if available.
3. Household Furniture, Furnishings, and Appliances
List significant items individually or group routine household furnishings with an estimated total value. For high-value items — artwork, antiques, collectibles, or designer furnishings — list each separately with an estimated or appraised value and note the characterization.
4. Jewelry, Antiques, Art, and Coin Collections
List items of value individually. Jewelry received as a gift or inheritance during the marriage is the separate property of the recipient — note the characterization clearly and retain any documentation such as receipts, appraisals, or gift records that support it.
5. Vehicles, Boats, and Trailers
List all vehicles including cars, trucks, motorcycles, recreational vehicles, boats, and trailers. Include the year, make, model, current fair market value, and any outstanding loan balance. Kelley Blue Book or a similar valuation source is generally acceptable for standard vehicles.
6. Savings Accounts, Checking Accounts, and Money Market Accounts
List all depository accounts with the financial institution name, account type, and current balance as of the date of separation or the date of disclosure. If an account contains mixed community and separate property funds, note the characterization issue and be prepared to trace the separate property component with account records.
7. Stocks, Bonds, and Investment Accounts
List all stocks, bonds, mutual funds, ETFs, brokerage accounts, and other investment holdings with the current market value. For stock options or restricted stock units, note the grant date and vesting schedule — the community property portion requires a time-rule analysis based on the service period relative to the marriage.
8. Life Insurance with Cash Value
List all life insurance policies with accumulated cash value. Term policies with no cash value do not need to be listed. Obtain the current cash surrender value from the insurer for whole life or universal life policies and include it here.
9. Business Interests
List any ownership interest in a sole proprietorship, partnership, corporation, or LLC. Include the business name, type of entity, ownership percentage, and estimated value. Business interests that grew during the marriage are typically community property to the extent of that growth, even if the business was started before marriage. A formal valuation is often required for closely held businesses.
10. Retirement and Pension Benefits
List all retirement accounts including 401(k), 403(b), IRA, pension plans, and deferred compensation arrangements. Include the account or plan name, the financial institution or plan administrator, and the current balance or present value. The community property portion is generally the amount accrued during the marriage — a separate calculation or actuarial analysis may be needed for defined benefit pension plans.
11. Money Owed to You
List any amounts owed to either party including loans to family members or friends, business receivables, tax refunds anticipated but not yet received, and any court-ordered payments from prior proceedings. Include the name of the debtor, the amount owed, and whether the debt is community or separate property.
12. Other Assets
List any assets not covered in the previous sections. Common items include security deposits, club memberships, intellectual property rights, cryptocurrency holdings, frequent flyer miles with significant value, and any other item of financial value. When uncertain whether to include something, include it — over-disclosure is always preferable to omission.
13. Debts and Liabilities
List all debts and obligations including mortgages (already listed under real property but cross-referenced here), car loans, student loans, credit card balances, personal loans, medical bills, and any other liabilities. For each debt include the creditor name, the last four digits of the account number, the current balance, and whether the debt is community or separate. Debts incurred during the marriage are generally community debts regardless of whose name is on the account.
Mistakes and Best Practices
Because FL-142 forms the basis of the financial disclosure obligation, errors or omissions carry serious legal consequences. The most common problems to avoid:
• Omitting assets entirely — non-disclosure can result in the undisclosed asset being awarded to the other party
• Using stale values — asset and account values should reflect current fair market value at the time of disclosure
• Inconsistencies between FL-142 and FL-150 or FL-160 — all three forms must tell a consistent financial story
• Failing to disclose retirement accounts or business interests because they seem complicated to value
• Leaving the debt section incomplete while waiting to gather all account statements
• Confusing the service requirement — FL-142 is served on the other party, not filed with the court
And the workflow habits that prevent them:
• Collect bank statements, investment account summaries, retirement account statements, and loan statements during intake
• Cross-check every asset and debt on FL-142 against FL-150 and FL-160 before serving
• Flag mixed-characterization assets early and note them for tracing analysis
• Confirm FL-141 is filed with the court after FL-142 is served to create a record of compliance
• Update FL-142 if significant changes in asset values or new assets are discovered during the case
Companion Forms Filed with FL-142
FL-142 is part of the mandatory disclosure package in every dissolution case. Related forms include:
• FL-140 — Preliminary Declaration of Disclosure (the cover document for the disclosure package that FL-142 is served with)
• FL-141 — Declaration Regarding Service of Declaration of Disclosure (filed with the court to confirm FL-142 was served)
• FL-144 — Stipulation and Waiver of Final Declaration of Disclosure (used if both parties agree to waive the final disclosure)
• FL-150 — Income and Expense Declaration (served alongside FL-142 as part of the preliminary disclosure)
• FL-160 — Property Declaration (used in complex cases to supplement FL-142 with additional asset detail)
How SuperDocs Can Help
SuperDocs helps California firms prepare FL-142 and its companion forms faster by centralizing financial and party information in a structured workflow. Details entered once — party names, case numbers, asset and debt data — populate consistently across FL-142, FL-150, FL-160, and FL-140, eliminating the duplicate entry and cross-form inconsistencies that create problems at disclosure and at hearing.
Spend less time reconciling figures across forms, more time on the substance of the case.
• Enter case and financial data once — FL-142 and companion forms populate automatically
• Fields validated for consistency across FL-140, FL-141, FL-150, and FL-160
• Review and edit any field before printing or downloading
• Save client profiles and update disclosures as asset values or account balances change throughout the case
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