5 things to know about California divorce financial disclosures
Divorce already comes with major financial decisions, and keeping track of the required paperwork can add to the stress. In California, you and your spouse must exchange information about what you own, owe, earn and spend.
Knowing what to gather early can help you avoid missing important details and reduce unnecessary delays. Here are five things to know about your financial disclosures:
1. Declaration of Disclosure
Form FL-140 is the cover sheet for the financial information you provide to your spouse. You use it for preliminary disclosures and, if required, final disclosures. You serve Form FL-140 on your spouse rather than file it with the court. You file a separate form to confirm service, as explained in number 5.
2. Income and Expense Declaration
Form FL-150 provides details about your income, expenses and financial circumstances. You also provide recent proof of income, such as pay stubs, so your spouse has current information about your earnings.
3. Asset and debt information
You must identify your property and debts using Form FL-142 or Form FL-160. This includes assets and debts you believe are separate property as well as those you consider community property.
Your disclosures may cover real estate, bank accounts, retirement accounts, vehicles, credit cards and loans.
4. Supporting financial records
You also exchange documents that support the information in your disclosures. These generally include tax returns from the previous two years and records showing your assets and debts.
Keeping statements and other financial records organized can make it easier to provide complete information.
5. Proof that you served your disclosures
If you filed the petition, you generally must serve your preliminary disclosures within 60 days. If you filed a response, you generally have 60 days after filing your response. You then file Form FL-141 to show the court that you served the required disclosures.
You may also need to exchange updated final disclosures later in the divorce. In some cases, you and your spouse can agree to waive that step if legal requirements are met.
Complete records can help prevent delays and disputes
Accurate financial disclosures give you and your spouse a clearer basis for addressing property division and support. Reviewing your records early can also help you identify missing information before it causes delays or disagreements. If your finances involve a business, complex assets or questions about separate and community property, a family law attorney can help you determine what information and records you need to disclose.