Financial disclosure divorce california is mandatory — both parties must complete and exchange comprehensive financial disclosures before a California divorce can be finalized. These disclosures are not merely requested; they are required under penalty of perjury, and failure to disclose assets accurately can result in sanctions, reopening of the judgment, or award of hidden assets to the other spouse. Understanding what the FL-150 california covers, what else is required, and what the consequences of incomplete disclosure are helps you comply correctly and hold the other spouse to the same standard.
The Preliminary Declaration of Disclosure — FL-140
The Preliminary Declaration of Disclosure california (FL-140) is the cover sheet that certifies you have served the required financial documents on the other spouse. Every party to a California divorce must serve their preliminary disclosure within 60 days of filing the petition or response. The FL-140 california is filed with the court to confirm compliance. The underlying documents — the Schedule of Assets and Debts (FL-142) and the Income and Expense Declaration (FL-150) — are served on the other party but not filed with the court, protecting their confidentiality under California Rules of Court Rule 2.401.
The Income and Expense Declaration — FL-150
The FL 150 california — Income and Expense Declaration — is a comprehensive sworn statement of your current income from all sources and your monthly expenses. It covers: employment income (wages, salary, bonuses, commissions); self-employment income; rental income; investment income; government benefits; and any other income source. The expenses section covers housing, food, clothing, transportation, healthcare, childcare, and all other monthly expenditures. Income and expense declaration california courts use as the primary financial document for setting temporary support amounts and evaluating spousal support needs.
The Schedule of Assets and Debts — FL-142
The Schedule of Assets and Debts (FL-142) lists every asset and every debt — real property, bank accounts, investment accounts, retirement accounts, vehicles, personal property of significant value, business interests, and all debts including mortgages, credit cards, student loans, and personal loans. Financial disclosure requirements divorce california make the FL-142 the foundation for property division — any asset not listed is subject to omitted asset proceedings if discovered later.
Consequences of Incomplete Financial Disclosure
Financial disclosure divorce california violations are taken seriously. Under Family Code section 721 and 1101, a spouse who fails to disclose a community property asset can be ordered to pay the other spouse up to 100% of the undisclosed asset's value, plus attorney fees. Fraudulent disclosures made under oath can be the basis for setting aside a judgment years after it was entered. Courts take financial disclosure seriously because the entire property division rests on the accuracy of what each party reports.
Furubotten Law, APC prepares complete and accurate financial disclosures and challenges incomplete disclosures by the other party throughout Orange County and Riverside County. Call (714) 795-3862 for a complimentary case evaluation.