FL-142 is a California family court form used in divorce, legal separation, and annulment cases to list and disclose all assets and debts owned by either party. This includes both community property (shared property acquired during the marriage or partnership) and separate property (property acquired before the marriage, after separation, or by gift or inheritance). The form provides the court—and the other party—with a detailed financial snapshot that is necessary for dividing property fairly.

On FL-142, each party must report everything they own or owe, including bank accounts, vehicles, real estate, retirement accounts, credit cards, loans, and personal property. The form also requires information about the value of each item, the date it was acquired, and whether it is considered community or separate property. This level of detail helps prevent misunderstandings and ensures transparency throughout the legal process.

The Schedule of Assets and Debts is one of the key documents exchanged during the financial disclosure phase of a family law case. Along with the Income and Expense Declaration (FL-150), it allows both parties to understand the full financial landscape before negotiating property division, support, or settlement agreements. Because each party signs FL-142 under penalty of perjury, honesty and accuracy are mandatory. Hiding assets or misrepresenting debts can lead to serious legal consequences and may reopen a finalized judgment.

FL-142 also serves as the supporting documentation for the Declaration of Disclosure (FL-140). It ensures that both parties have the information they need to reach informed agreements or present their cases at trial. The court generally will not approve a final judgment until required financial disclosures—including FL-142—are completed and exchanged. This protects both parties and promotes fairness in resolving financial matters.

In summary, FL-142 is a critical financial disclosure tool in California family law cases. It helps the court and the parties identify all assets and debts, determine what is community or separate property, and establish a clear basis for property division. Completing this form thoroughly and truthfully is essential for achieving a fair resolution and moving the case toward settlement or judgment.