FL 142

 

WHAT IS FL 142

FL 142  is a Schedule of Assets and Debt. , a part of the financial discovery that provides information on what  Assets and Debts both parties have.

When do you need FL 142?

You need this form when you are doing a declaration of disclosure – disclose the other side of your assets, debts, income, and expenses. FL 142 is information on how much you have and everything one owes.

DO NOT FILE FL 142 with the court

On the top of the form you can see in the big letters THIS FORM SHOULD NOT BE FILED WITH THE COURT. Most of the documents filed with the court become public. This form does not need to  be filed, but it needs to be provided to

How to fill FL 142?

For most people filling FL 142 appear to be overwhelming and confusing.

The first part is similar as we explained in FL150,  for you to fill caption – the name of the filing party, address, e-mail address, and phone number. The next section stated, “attorney for” . If you are self-represented, type  “ PROPER”
In the second box, you must fill in your court details, the County where your case filed, the Name of the Court. Below this, there’s a third box where you write the name of the Petitioner, the Respondent.

The next line is the petitioner and the respondent. The petitioner and the respondent never change their position. Whoever was the petitioner during the time of filing is usually stay petitioner with very rear circumstances if fee waiver was not granted for the petitioner and the respondent filed a response before the petitioner paid the filing fees. But this is a very unusual situation and we will not confuse you here.  Write the names of the petitioner and respondent in the appropriate box.

Next, if you are the petitioner, check the petitioner box under the schedule of assets and debts, and if you are the respondent, check the respondent. On the right side, it asks for the case number, where you write your case number.

On page one FL 142, there are three sections. The first section is real estate. Under this section, you’re going to list the address of the property on the left-hand side. You see that it asks you to attach a deed and a lender statement. Once it’s completed, in the second column on the top it says “sep prop”. This means a separate property, implying that the item on the left in this section is going to be your or your spouse’s separate property. Mark the box under SEP prop if it’s your or your spouse’s separate property in the following way. If you are the petitioner and the property is your separate, you’re going to put a P in that box and if you’re the respondent, then you’re going to put R in that box.

Under the next column, it asks the day you acquired the property you place the day when the real property was purchased. You should have this information on the deed. In the column for the current gross fair market value of the property is how much you think it would be sold today.

Moving down to section two, which is household furniture and furnishings, is where you can typically put assorted furniture and furnishings. Under the next column, it asks how much is it worth.  Now keep in mind that this value is not how much your property was worth when you bought it, but if you pick them up and sell them at a garage sale now. Usually, the value of the furniture is very low. If you have significant items of personal property, you’d want to include it specifically under furniture and furnishings.

Under section 3, which includes jewelry, antiques, and art, if you have specific items that have significant value, then list them separately.

On the next page FL 142, we have section four, which includes vehicles, boats, and trailers. You will notice it asks for you to attach a copy of the title document so if you’ve got a pink slip, make a copy of the pink slip and attach it to this document. Next comes section five, which is savings accounts. Even if you have only five dollars in the savings account or no money at all, but it’s still open, then any account you have or your spouse has, must be listed. Even if you had other savings accounts, they too must be listed.

Under the section cash down, many people keep cash laying around and keep cash in the safe. Most inputs, “on hand,” “in the purse,” “in the wallet,” etc., when it refers to cash until one has a vast amount of money stored away elsewhere. Tax refunds will contain the year, if appropriate, and if it is state or federal. You should take a look at the contract to decide if it has monetary withdrawal interest for the life insurance division.

On page three FL 142 section 11 includes stocks, bonds, secured notes, and mutual funds. On page three, section 11 is stocks, bonds, secured notes, and mutual funds. Let’s say if you have an investment account and it’s a mutual fund account, you write down the date and value it holds today, with no loans, and how many shares you have in this section.

For all items in section 11, you need to provide only the last four digits of the account number.

The next section FL 142 covers businesses. If you own a business of any kind you may have accounts receivables. Name that here with as much particularity as you can and include as many details as possible. If you don’t own a business, simply put none.

If you have tax debt, you should specify the year the debt occurs and the amount of the debt.

Support arrearages is a debt that resulted from the accumulated unpaid child and spousal support and it goes in this section. You need to provide supporting documents such as current court orders to prove this debt.

If you borrowed money without collateral, place in section 22 FL 142 the amount, name of the bank, and the last four digits of the account number.

For credit card debt you need to state the amount, credit card name, and last four-digit of the credit card number.

If any other dent, you can list below credit card.

You can download FL 142 from the California Superior Court Website directly

If you are using fillable FL 142, it would summarize at the bottom the amount of total debt. If you have printed the form and filling handwriting, you need to count the total assets and debt.

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