FL-142 Schedule of Assets and Debts: How to Fill Out California's Divorce Financial Form

California requires both spouses to file a Preliminary Declaration of Disclosure within 60 days of serving the petition. The FL-142 — formally titled "Schedule of Assets and Debts" — is the centerpiece of that disclosure. It demands a categorized list of everything you own and owe, with current fair market values, under penalty of perjury.

The form itself is deceptively simple. It provides blank rows and column headers but zero guidance on how to calculate the numbers it asks for. That gap between what the form demands and what most people know how to produce is where costly mistakes happen.

What the FL-142 Actually Requires

The form organizes your financial life into two sections: assets and debts. For each item, you must provide:

• A description (account type, property address, vehicle make/model)
• The date acquired (critical for determining community vs. separate property)
• Current fair market value — not what you paid, not the insured value, but what it would sell for today
• The amount of money owed against the asset
• Whether it is community or separate property (marked with C or S)

Every line requires documentation you can defend if challenged. Estimates based on memory will not survive a deposition.

How to Calculate Fair Market Value

Fair market value is the price a willing buyer would pay a willing seller when neither is under pressure to transact. It varies by asset type:

Real estate. Use a recent comparative market analysis from a real estate agent or a formal appraisal. Zillow estimates are not sufficient for court purposes. Subtract the outstanding mortgage balance and any liens to get net equity.

Vehicles. Kelley Blue Book private-party value, adjusted for mileage and condition. Not dealer trade-in value — that understates equity.

Retirement accounts. Use the most recent quarterly statement balance. For defined-benefit pensions, request a present-value calculation from the plan administrator. You will likely need a QDRO (Qualified Domestic Relations Order) to divide these accounts.

Bank and investment accounts. Current balance as of a specific date — typically the date of separation or the date closest to filing. Get official statements, not app screenshots.

Community vs. Separate Property Classification

California is a community property state, meaning assets acquired during the marriage are presumed to belong equally to both spouses. Separate property includes:

• Assets owned before the marriage
• Inheritances received by one spouse (even during the marriage)
• Gifts specifically given to one spouse
• Income earned from separate property (in some cases)

The classification seems straightforward until commingling enters the picture. If you deposited a $50,000 inheritance into a joint checking account used for household expenses, tracing which dollars remain "separate" requires a detailed transaction history going back to the date of deposit.

For each asset you mark as separate property, you carry the burden of proof. Gather account statements, transfer records, and any documentation showing the original source of funds.

Common FL-142 Mistakes That Trigger Court Problems

Undervaluing assets. Listing your home equity based on an outdated appraisal or estimating retirement accounts from memory. Courts can order reappraisals and penalize the party who submitted inaccurate figures.

Forgetting intangible assets. Airline miles, credit card reward points, stock options, restricted stock units, health savings accounts, and accrued vacation payouts are all assets that belong on the form.

Mixing gross and net values. The FL-142 asks for fair market value and amount owed in separate columns. Entering only net equity leaves the court without the full picture and can look like deliberate omission.

Missing the deadline. Failure to serve the Preliminary Declaration of Disclosure within 60 days can result in sanctions. The court can also draw adverse inferences about what you might be hiding.

The Preparation Step Most People Skip

The FL-142 is an exam, not a study guide. Most people try to fill it out cold — staring at blank rows with a stack of disorganized statements. The result is hours of frustration, missed assets, and numbers they cannot defend.

The more effective approach is to build your financial inventory in a structured worksheet before touching the form. Organize your assets by category, gather supporting documents for each, calculate fair market values with proper methods, and classify community vs. separate property with a paper trail.

The Divorce Financial Inventory Workbook is designed specifically for this preparatory step. It walks you through every asset and liability category the FL-142 covers — plus commonly overlooked items — so when you sit down to complete the court form, every number is already calculated, documented, and defensible.