Before a California divorce or legal separation can be finalized, both spouses must lay every asset and debt on the table. Form FL-142, Schedule of Assets and Debts, is where that happens. It is a detailed inventory, and getting it right protects you long after your case is closed.
Key Takeaway: FL-142 is part of California's mandatory financial disclosures. It lists everything you own and owe, community and separate property alike. It is usually exchanged directly with your spouse rather than filed with the court, but leaving something off can allow a judgment to be reopened later.
Form FL-142, titled "Schedule of Assets and Debts," is the California Judicial Council form used to inventory a spouse's financial picture during a divorce or legal separation. On it, you list:
- Real estate
- Vehicles and other titled property
- Bank accounts and cash
- Retirement and pension accounts
- Investments and securities
- Household furniture and personal valuables
- Business interests
- Every category of debt, from credit cards to taxes owed
For each item, you generally note whether it is community property, separate property, or a mix, along with your estimate of its current value and, for debts, the amount owed.
FL-142 is part of California's mandatory financial disclosure process. Both spouses are required to exchange a Preliminary Declaration of Disclosure early in the case, and a Final Declaration of Disclosure later, and FL-142 is one of the core documents in both rounds.
Unlike the Petition or Response, FL-142 is generally exchanged directly between spouses rather than filed with the court. What typically does get filed is a separate declaration confirming that disclosure was served, along with a proof of service. Because practices can vary, confirm exactly what your county Superior Court requires with its self-help center.
Even though the completed schedule usually stays between the spouses instead of going into the court file, it carries the same legal weight as any other sworn disclosure. Both the preliminary and final rounds ask you to update FL-142 as your financial picture changes, so treat each round as a fresh, current snapshot rather than copying the last one forward without review.
<h2 id="why-full-disclosure-matters">Why Full, Honest Disclosure Matters</h2>Financial disclosure exists so that both spouses, and the court, have an accurate picture before dividing property or setting support. This is not paperwork you can afford to rush.
Full and honest disclosure is a legal requirement in California family law cases. If an asset or debt is left off a disclosure, whether by mistake or on purpose, it can in some cases allow the other spouse to ask the court to reopen the judgment later, even years after the case is final. Take the time to get FL-142 right the first time.
Here is what you will walk through, category by category.
Real Estate
List every property interest you or your spouse hold, whether it is your family residence, a rental property, or vacant land. Include the address, an estimate of current fair market value, and the amount still owed on any mortgage.
Vehicles and Boats
List cars, motorcycles, RVs, and boats by make, model, year, and estimated value. Include any outstanding loan balance for each.
Bank Accounts and Cash
List checking, savings, and cash accounts, including the institution name and the account balance as of the date closest to your disclosure. Attach recent statements rather than estimating from memory.
Retirement and Pensions
List 401(k)s, IRAs, pensions, and other retirement benefits. These are often among the most valuable and most complicated assets in a divorce, so use the account's most recent statement for the balance you report.
Stocks, Bonds, and Other Investments
List brokerage accounts, individual stock holdings, bonds, and similar investments, with values based on recent statements or reliable pricing information.
Household Furniture, Furnishings, and Valuables
List significant household items and personal valuables, such as jewelry, art, or collectibles. Everyday furniture generally does not need to be itemized piece by piece, but higher-value items should be identified individually.
Business Interests
If you or your spouse own all or part of a business, list it as an asset, along with your estimate of its value. Business valuations can be complex, so this is an area where professional help is often worth the cost.
Debts get the same detailed treatment as assets. Common categories include:
- Credit cards, listed by creditor and current balance
- Loans, including personal loans, student loans, and auto loans
- Taxes owed, including any outstanding balance to the IRS or California Franchise Tax Board
- Other obligations, such as medical debt or amounts owed to family members
- List every account, even small balances
- Use the most recent statement available for each debt
- Note whether each debt is separate, community, or a mix
Not everything on FL-142 is divided between spouses. Property owned before the marriage, or received individually by one spouse as a gift or inheritance during the marriage, is generally treated as separate property.
FL-142 asks you to identify these items as separate property rather than folding them into the community property list. Being specific here protects your claim to that property and gives your spouse and the court a clear picture of what you consider yours alone.
Pro Tip: If a separate property asset was mixed with community funds over time, such as an inheritance deposited into a joint account, its separate character can become harder to trace. Note the history as clearly as you can, and consult an attorney if the situation is not straightforward.
Values on FL-142 should be backed by documentation, not guessed. Attach recent statements, appraisals, or other records that support the numbers you report for bank accounts, retirement accounts, investments, and real estate.
Supporting documents do two things: they make your disclosure credible, and they give you a paper trail if a value is ever questioned later. Guessing a value with no basis behind it is one of the most common ways a disclosure runs into trouble.
<h2 id="common-mistakes">Common Mistakes to Avoid</h2>- Leaving an asset or debt off the schedule, even a small one
- Not attaching supporting statements or documentation for values reported
- Guessing a value without any basis, such as an outdated estimate or a rough guess
- Confusing FL-142 with FL-160, Property Declaration, which is a different form used in different circumstances
- Failing to identify separate property clearly as separate
- Reporting outdated account balances instead of recent statement figures
What is Form FL-142 used for?
Form FL-142, Schedule of Assets and Debts, is the California Judicial Council form where a spouse lists everything they own and owe, both community and separate property. It is part of the mandatory preliminary and final declarations of disclosure exchanged in a divorce or legal separation case.
Do I have to file FL-142 with the court?
Generally, no. FL-142 is exchanged directly between spouses as part of the declaration of disclosure process, and the completed schedule itself is typically not filed with the court. What you do file is a declaration confirming that disclosure was served. Check with your county Superior Court self-help center if you are unsure what your case requires.
What happens if I forget to list an asset or debt on FL-142?
Full and accurate disclosure is a legal requirement, not a formality. If an asset or debt is left off, whether by mistake or on purpose, it can in some cases allow the other spouse to ask the court to reopen the judgment later, even after the divorce is final. Careful, complete disclosure at the time you prepare FL-142 is the best way to avoid that risk.
What is the difference between FL-142 and FL-160?
FL-142, Schedule of Assets and Debts, is used when you and your spouse have not agreed to simplify disclosure. FL-160, Property Declaration, is a shorter alternative form used in some cases, often alongside a marital settlement agreement, once the parties have reached agreement on how property will be divided. They are not interchangeable, and using the wrong one can create inconsistencies in your disclosure.
Do I need to attach documents to FL-142?
Yes. Values you list on FL-142, such as account balances, real estate equity, or vehicle values, should be supported by attached statements or other documentation rather than estimated from memory. Supporting documents give your disclosure credibility and reduce the chance of a dispute later.
How do I list something I owned before I got married?
Property you owned before marriage, or received individually by gift or inheritance during the marriage, is generally separate property. FL-142 asks you to identify separate property items separately from community property, so the court and your spouse can see clearly what you are claiming as yours alone.
Can Virdix tell me whether an asset is community or separate property?
No. Virdix is a document preparation service, not a law firm, and cannot provide legal advice about how to characterize a specific asset. Virdix can help you organize your disclosure so it is complete and consistent. If you are unsure whether something is separate or community property, consult a licensed California family law attorney.
How Virdix Helps With FL-142
Building a complete, accurate Schedule of Assets and Debts means keeping track of a lot of moving pieces at once. Virdix is built to help:
- Guided categories, walks you through real estate, accounts, retirement, investments, and debts one at a time so nothing gets skipped
- Consistency checks, keeps your disclosure aligned with related forms like Form FL-150 and your other declarations of disclosure
- Separate property flagging, prompts you to identify property owned before marriage or received by gift or inheritance
- Document checklist, reminds you what supporting statements to gather and attach
For background on the disclosure process FL-142 fits into, see Form FL-140. Virdix does not tell you how to characterize a specific asset. That is a legal question, and if you are unsure, a licensed attorney can help.
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This article is for informational purposes only and does not constitute legal advice. Virdix is a document preparation service, not a law firm, and does not provide legal advice. For advice about your specific situation, consult a licensed California family law attorney.
Sources: California Courts Self-Help Center (selfhelp.courts.ca.gov), Judicial Council of California