The FL-142 is the California form on which you list everything you own and everything you owe. Together with the income and expense declaration, it forms the mandatory financial disclosure that both parties must exchange in divorce proceedings.
It is a legal document signed under penalty of perjury, and California treats omissions from it seriously. Judgments have been set aside where a party failed to disclose an asset, and in some cases the concealed asset has been awarded entirely to the other spouse.
When It Is Required
Form FL 142 is served as part of the preliminary declaration of disclosure, early in the case, and again as part of the final declaration unless the parties waive final disclosures in writing.
The obligation applies regardless of how amicable the case is. Both parties complete their own, and it is exchanged between the parties rather than filed with the court. What gets filed is the FL-141, confirming that service occurred.
The alternative form, FL-160 Property Declaration, is used in some circumstances and covers similar ground in a different format. Check which your case requires.
What You Are Being Asked For
The form lists categories of property down the left, with columns for the date acquired, the current gross fair market value, the amount of any money owed or encumbrance, and a column to identify whether you contend the item is separate property.
Two points about the value column. It asks for gross fair market value, meaning what the item would sell for, before subtracting what is owed on it. The debt goes in its own column. People routinely net these together, which understates the estate.
Going Through the Categories
Real estate. Every property in which you hold an interest, with the address, date acquired, current fair market value and mortgage balance. Include timeshares and any interest in property held with others.
Household furniture and appliances. A general description with an estimated value is normally sufficient. Itemise anything of significant value separately.
Jewellery, antiques, art and collectibles. Items of significant value should be listed individually. Where something is genuinely valuable, an appraisal may be worth obtaining.
Vehicles, boats and trailers. Year, make and model, with fair market value and loan balance.
Savings accounts, checking accounts and credit union accounts. Institution name, account number, and balance. List every account including those in your sole name.
Cash. Cash on hand of any meaningful amount.
Stocks, bonds, secured notes and mutual funds. Description, number of shares where relevant, and value.
Retirement and pension accounts. Every 401(k), 403(b), IRA, pension and deferred compensation plan, with the plan name and current value.
This category deserves particular care. Retirement accounts are frequently the largest asset in the estate after a home, and they are the most commonly under-documented. Note also that dividing them requires a separate order after judgment; listing them here is only the first step.
Life insurance with cash surrender value. Term policies without cash value are generally listed with a nil value but should still be disclosed.
Business interests. Any interest in a business, partnership or professional practice, with your best estimate of value. Where a business is involved, expect this figure to be examined and possibly valued by a forensic accountant.
Other assets. Anything not fitting elsewhere: intellectual property, anticipated inheritances where relevant, tax refunds due, loans owed to you, cryptocurrency, and accrued but unpaid compensation.
The Debt Side
The second part of the form covers what is owed: student loans, taxes, support arrearages, loans, credit cards, and other debts.
List the creditor, the total owed, and the date incurred. The date matters, because debts incurred after the date of separation are generally the separate responsibility of the spouse who incurred them.
Support arrearages from a previous relationship belong here as well.
Separate Property Claims
Where you contend an asset is your separate property, indicate it on the form. Separate property includes what you owned before the marriage, gifts and inheritances received during it, and anything acquired after the date of separation.
Claiming separate property is one thing; proving it is another. California requires tracing, meaning documentary evidence following the funds from their separate source to the current asset. Where separate and community funds have been mixed, the analysis becomes more involved and the records matter enormously.
If you have a separate property claim, start gathering the documentation now rather than when it is challenged.
Attaching Documentation
The preliminary declaration of disclosure requires more than the form itself. You must also provide documents supporting your valuations, including account statements, deeds, and, for the two years preceding separation, tax returns.
Providing the supporting financial disclosure documents up front reduces the likelihood of formal discovery, which is where costs escalate.
Common Mistakes
Omitting an asset. The most serious error, and the one with the harshest consequence. Disclose everything, including assets you believe are separate. You can characterise it as separate; you cannot leave it off.
Netting value against debt. Gross fair market value in one column, encumbrance in the other.
Guessing at values. Use statements and current valuations. Where you are estimating, say so.
Leaving out accounts in your sole name. An account in one spouse’s name is not thereby separate property. What matters is when the funds were acquired.
Missing retirement accounts from previous employers. Old 401(k) accounts are forgotten with some regularity, and they are community property to the extent contributions were made during the marriage.
Forgetting deferred compensation. Stock options, restricted stock units and bonuses earned but not yet paid are assets.
Treating it as a negotiating document. It is a sworn disclosure. Understating or overstating either side of the ledger is a poor strategy in a process where records get exchanged.
Reviewing the Other Party’s Form
You receive theirs as well. Reading it carefully is one of the more productive tasks in the case.
Compare it against tax returns for income sources not otherwise disclosed. Check whether every account you know about appears. Look at values that seem low, particularly for business interests and collectibles. Note assets that were present in earlier years and have disappeared.
Where the picture does not reconcile, discovery is available: subpoenas to financial institutions, requests for production, and depositions.
If You Suspect Assets Are Hidden
Raise it early, while there is time to investigate.
Common indicators include income substantially below apparent lifestyle, business records that are unusually difficult to obtain, transfers to family members shortly before separation, and accounts appearing on old statements but absent from the disclosure.
California’s remedies here are meaningful. Where a court finds deliberate concealment, sanctions and reallocation of the asset are both available.
Frequently Asked Questions
Do I File the FL-142 with the Court?
No. It is served on the other party. The FL-141 confirming service is what gets filed.
What If I Do Not Know the Value of Something?
Say so on the form and indicate you will supplement. An honest unknown is better than a fabricated figure.
Can We Waive Disclosures?
Final disclosures can be waived by written agreement in certain circumstances. Preliminary disclosures cannot.
What If I Find out About an Asset After the Judgment?
A judgment can be set aside for non-disclosure. There are time limits, so act promptly.
Do I List Assets Held in a Trust?
Disclose them, with an explanation of the arrangement. Whether they form part of the divisible estate depends on the trust.
Getting the Disclosure Right
The FL-142 is where the property division actually begins. A complete, well-documented schedule puts you in a stronger position throughout the case, and an incomplete one creates a vulnerability that can persist long after the judgment.
Our Tustin office handles property division, hidden asset matters and divorce throughout Orange County. Read about the FL-142 form, what to do if your spouse is hiding assets, or how gifts and inherited property are treated. To discuss your disclosure, contact our office.
This article is provided for general educational purposes and is not legal advice. California forms and statutes change, and every case depends on its specific facts. Consult a qualified California family law attorney about your circumstances.
