When you file for divorce in California, a required step in the process is providing a preliminary financial disclosure to your spouse and the family law court assigned to oversee your divorce. The preliminary financial disclosure will typically include a list of marital assets and debts from you and your spouse. It is incredibly important for spouses to provide an accurate list of all their assets and debts. Why? Because an accurate, transparent list of all assets and debts will help expedite the settlement negotiation process and ensure an amicable resolution to the divorce proceeding.

It is important to note that preliminary financial disclosures are not optional. They are, in fact, a mandatory filing requirement for couples seeking to obtain a divorce in the State of California.

Importance of Financial Disclosures in a California Divorce Proceeding

Property acquired during a marriage will generally be categorized as “community property” which includes all assets, debts, and even pensions accrued during the course of the marriage. When one spouse decides to file for divorce, several important issues need to be resolved before a final divorce decree can be issued by a California family court. For example, preliminary financial disclosures serve as an important tool for courts when determining the best course of action for:

• Dividing property
• Dividing assets
• Dividing debts
• Assessing child support
• Assessing spousal support (alimony)
• Impacting child custody.

Mandatory California Divorce Financial Disclosure Forms

The list of preliminary financial disclosure forms that need to be completed to ensure a California divorce proceeding moves forward includes the following:

• Form FL-140 (Declaration of Disclosure)
• Form FL-141 (Declaration Regarding Service)
• Form FL-142 (Schedule of Assets and Debts)
• Form FL-150 (Income and Expense Declaration)

In the preliminary financial disclosure forms listed above, both you and your spouse will need to identify all relevant assets and debts. It is important to be honest and transparent in these disclosures since an inaccurate filing runs the risk of being penalized under state law. Further, after spouses sign the declaration, they acknowledge and confirm they disclosed all known current assets and debts to each other and the California family law court.

Have Questions or Need Assistance with Filing Financial Disclosures For a Divorce Proceeding in California? Contact The Geller Firm Today

If you need assistance with the preliminary financial disclosures required to obtain a divorce in in California, consider contacting The Geller Firm. Our team of experienced and respected Lafayette divorce lawyers are here to help guide you through the complexities of the California divorce process.

We are located in the San Francisco Bay Area and are proud to provide legal services in San Francisco County, Alameda County, Contra Costa County, Marin County, San Mateo County, and Santa Clara County. Our legal team is available for virtual and in-person consultations. Contact us today to schedule an appointment.