What Is Form FL-142? The Schedule of Assets and Debts Explained

 

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. 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. 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 based on incomplete disclosure.

 

When Is FL-142 Required?

FL-142 is required as part of the preliminary declaration of disclosure in all dissolution and legal separation cases:

•     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 — 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, the disclosure should be updated

 

FL-142 vs. FL-160: Which One to Use

•     FL-142 — the standard schedule used in most dissolution cases, sufficient for the majority of cases

•     FL-160 — a more detailed property declaration for cases with complex or disputed assets

•     Both forms can be used together when the complexity of 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.

2. Real Property

List every parcel including address, date acquired, how title is held, gross fair market value, amount owed, and net equity.

3. Household Furniture, Furnishings, and Appliances

List significant items individually or group routine items with an estimated total value.

4. Jewelry, Antiques, Art, and Coin Collections

List items of value individually with characterization noted clearly.

5. Vehicles, Boats, and Trailers

List all vehicles with year, make, model, current fair market value, and outstanding loan balance.

6. Savings, Checking, and Money Market Accounts

List all accounts with financial institution name, account type, and current balance.

7. Stocks, Bonds, and Investment Accounts

List all investment holdings with current market value. Note grant dates and vesting schedules for stock options or RSUs.

8. Life Insurance with Cash Value

List policies with accumulated cash value and obtain the current cash surrender value from the insurer.

9. Business Interests

List ownership interests with business name, entity type, ownership percentage, and estimated value.

10. Retirement and Pension Benefits

List all retirement accounts with account name, plan administrator, and current balance.

11. Money Owed to You

List amounts owed to either party with debtor name, amount, and characterization.

12. Other Assets

List any assets not covered above. When uncertain, include it — over-disclosure is always preferable to omission.

13. Debts and Liabilities

List all debts with creditor name, last four digits of account number, current balance, and characterization.

 

Mistakes and Best Practices

The most common problems to avoid:

•     Omitting assets — non-disclosure can result in the asset being awarded to the other party

•     Using stale values

•     Inconsistencies between FL-142, FL-150, and FL-160

•     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 summaries, and loan statements during intake

•     Cross-check every asset and debt against FL-150 and FL-160 before serving

•     Confirm FL-141 is filed with the court after FL-142 is served

 

Companion Forms Filed with FL-142

•     FL-140 — Preliminary Declaration of Disclosure

•     FL-141 — Declaration Regarding Service of Declaration of Disclosure

•     FL-144 — Stipulation and Waiver of Final Declaration of Disclosure

•     FL-150 — Income and Expense Declaration

•     FL-160 — Property Declaration

 

How SuperDocs Can Help

SuperDocs helps California firms complete court forms faster — no long case setup, no forms about forms. Just open a court form and start typing. Contacts and shared case details fill in automatically, and information entered on one form flows through to related forms in the same case. Checkboxes, dates, assets, and other details are tracked behind the scenes so nothing gets missed.

For FL-142 filings, party names, case numbers, and financial data entered once carry through to FL-150, FL-160, FL-140, and related forms in the same case automatically.

Spend less time on re-entry, more time on the case.

•     Open any court form and start typing — no lengthy setup required

•     Shared case details and contacts are available across related forms — enter data once and reuse it throughout the case

•     Assets, dates, and case details tracked and reused across the entire case

•     Review and edit any field before printing or downloading

•     Save client profiles for use throughout the lifecycle of the case

 

 

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