Mandatory Financial Disclosures in California

In California, every divorcing spouse must complete a set of mandatory financial disclosure forms before a judge will finalize the divorce. These forms, collectively called the Preliminary Declaration of Disclosure, require both parties to lay out their income, expenses, assets, and debts on the table. It is not optional, and it is not skippable, even when you and your spouse have already agreed on everything. This guide walks you through exactly what documents to gather, how to complete each form, and what is at stake if you get it wrong.

Documents you need to gather first

Before you open a single form, pull together your financial records. Having everything in front of you at the start makes the forms much faster to complete and reduces the chance of errors. Here is what you need:

Income records

• Last two years of filed tax returns (all pages, including W-2s and 1099s)
• Last two months of pay stubs from each employer
• If self-employed: a profit and loss statement for the previous two years and year-to-date

Asset and account statements

• Most recent checking and savings account statements
• Most recent brokerage, stocks, mutual funds, and bonds statements
• Most recent retirement account statements (401k, IRA, pension, profit-sharing, annuity)
• Most recent restricted stock unit (RSU), deferred compensation, or ESPP statements
• Life insurance declaration page
• Vehicle titles and any related loan statements

Debt and expense records

• Most recent mortgage statement(s) and HELOC statements
• Most recent credit card statements
• Student loan, personal loan, and auto loan statements
• Most recent statement for any other debt or asset not listed above

Additional information you will need to know

• Health insurance premium cost
• Monthly property taxes and homeowners insurance
• Estimated monthly living expenses (housing, utilities, food, transportation, childcare)
• Approximate fair market value of any real property you own

If you do not have every document when you start your forms, do not let that stop you. You can update the information and resubmit. Getting a solid draft in place first is far better than waiting until everything is perfect.

Income and Expense Declaration (FL-150)

The FL-150 tells the other party (and potentially the court) about your average monthly income and expenses. This is a four-page form. Page one asks for your employer, job title, tax filing status, and your best estimate of the other spouse's gross monthly income. Page two covers your income in detail, including pay from all sources over the past 12 months, rental income, investment income, and net assets (excluding retirement). Page three covers your monthly expenses.

When completing this form, provide:

• Employment details: current or most recent employer, job title, and your age and education level
• Tax information: filing status and your last two years of returns
• Income proof: at least two months of recent pay stubs, or the most recent Schedule K or Schedule C if you are self-employed
• Monthly expenses: your best estimates for housing, utilities, food, transportation, childcare, insurance, and all debt payments

Before serving this form, use a thick black pen or redaction tape to block out your Social Security number and any other sensitive identifying information you do not want on a document that could become part of the public record.

Schedule of Assets and Debts (FL-142)

The FL-142 is the most detailed of the four forms. It lays out every asset and debt you have, whether community or separate. Think of it as a complete financial inventory of your life. The more thorough you are here, the smoother the rest of the process goes.

Cover each of the following categories, with supporting statements attached:

• Real estate: description of all property, including your primary home, rental properties, or land
• Household assets: furniture, artwork, jewelry, and collectibles of value
• Vehicles: cars, boats, trailers — attach title documents
• Bank and cash accounts: savings, checking, and deposit accounts with current balances, plus the location of any cash stores
• Investments and retirement: stocks, mutual funds, life insurance cash value, 401k, IRA, pension, profit-sharing, annuities, and RSUs — attach statements
• Debts: student loans, taxes owed, unsecured loans, credit cards, auto loans, mortgages — attach statements with current balances

Redact your Social Security number and other sensitive identifiers on all attachments. Once complete, make a copy for your own records and place the original in your disclosure packet.

Important: the FL-142 is exchanged with your spouse but is not filed with the court. Only the FL-141 (proof of service) goes to the court.

Declaration of Disclosure (FL-140)

The FL-140 is a cover sheet that confirms you have completed and attached your financial disclosure documents. It is straightforward but legally significant — you are signing under penalty of perjury that your disclosures are accurate and complete.

When filling out this form:

• Check the boxes for each form you are attaching (FL-150, FL-142, and tax returns)
• Confirm that your tax returns for the past two years have been filed
• Confirm that all disclosures are accurate to the best of your knowledge
• Sign and date the form

Make a copy of the FL-140 and all attachments before sending. This complete packet goes to the other party or their attorney. Like the FL-142, the FL-140 itself is not filed with the court.

Declaration Regarding Service (FL-141)

The FL-141 is the one form in this set that actually gets filed with the court. It is a simple "check the box" document that tells the court you prepared and served your Preliminary Declaration of Disclosure. The name is a mouthful, but the form itself takes only a few minutes.

On this form you will:

• Identify yourself as the petitioner or respondent
• Check off the forms you served (FL-150, FL-142, FL-140, and tax returns)
• Identify how you delivered the documents to the other party (mail, personal service, etc.) and the date of service

Make two copies of this document: one for the court and one for the other party or their counsel. The original goes to the court.

On timing: the petitioner must serve the Preliminary Declaration of Disclosure at the same time as the Petition, or within 60 days of filing it. The respondent must do the same within 60 days of filing their Response. Written agreements between parties can extend these deadlines, as can a court order.

What happens if you skip or falsify disclosures

California courts take financial disclosures seriously. The court needs proof that you have shared complete financial information with your spouse before it will grant the divorce. Skipping this step will delay your case. If you are hoping for a fast-moving divorce, incomplete disclosures are one of the most common reasons things stall.

Lying on the forms or intentionally leaving out assets carries real consequences. California courts can impose significant financial sanctions for nondisclosure, and those amounts are at the court's discretion. Beyond sanctions, the court can award the omitted asset directly to the other spouse, force you to pay the other party's attorney fees, or cancel property and spousal support agreements you have already reached.

All forms are signed under penalty of perjury. That means intentional misrepresentation is not just a civil problem; it can expose you to perjury charges. If you realize after the fact that you omitted something, update your disclosures promptly and notify the other party.

If you suspect your spouse is hiding assets, a certified divorce financial analyst or attorney can help you identify red flags and pursue formal discovery to uncover what was not disclosed. You can also learn more about the difference between financial disclosures and formal financial discovery in a California divorce.

Prefiling checklist

Before you hand off your disclosure packet to your spouse or their attorney, run through this checklist. Every item matters.

• ✓  Have you completed all four forms (FL-140, FL-141, FL-142, FL-150) with no lines left blank?
• ✓  Have you attached supporting documents (pay stubs, tax returns, account statements) for every item on FL-142 and FL-150?
• ✓  Have you signed all forms?
• ✓  Have you redacted your Social Security number and other sensitive identifiers from all documents?
• ✓  Have you made copies of everything before sending?
• ✓  Are you having someone other than yourself (aged 18 or older) deliver the documents to your spouse?
• ✓  Have you kept a copy of the FL-141 to file with the court as proof of service?

When your documents are ready, find someone other than yourself who is over 18 to mail or deliver the packet to your spouse. You cannot serve your own documents. Keep a copy of everything for yourself and file the FL-141 with the court.

Once this step is complete, you have finished your mandatory Preliminary Declaration of Disclosure. It is one of the most document-intensive steps in a California divorce, but getting it right protects you and keeps your case moving forward.

Ready to get your financial disclosures done right?

Hello Divorce walks you through every form, flags missing documents, and connects you with a certified divorce financial analyst if you need one. Schedule a free 15-minute call to find out what plan fits your situation.