FL-142 Schedule of Assets and Debts: How to List Everything You Own and Owe

The FL-142 is where you lay out your complete financial picture — every asset and every debt. For many couples, this is the form that determines how property gets divided. Getting it right matters.

For an overview of the California disclosure process, see our financial disclosures guide.

What Is the FL-142?

The Schedule of Assets and Debts (FL-142) is a Judicial Council form that lists everything you own (assets) and everything you owe (debts). For each item, you indicate:

• Whether it's community property (acquired during the marriage) or separate property (yours alone)
• The current fair market value (for assets) or current balance (for debts)
• The date you determined the value

The FL-142 is served on your spouse as part of your mandatory preliminary disclosure. It is not filed with the court — only the FL-141 (confirming service was completed) goes to the court.

Community Property vs. Separate Property

This distinction drives everything on the FL-142. California is a community property state, meaning assets and debts acquired during the marriage are presumed to be owned equally by both spouses.

Community Property

Anything acquired between the date of marriage and the date of separation:

• Salary and wages earned by either spouse
• A house purchased during the marriage (even if only one spouse's name is on the title)
• Retirement contributions made during the marriage
• A car bought during the marriage
• Credit card debt incurred during the marriage
• Business value created during the marriage

Separate Property

Anything owned before the marriage, or received as a gift or inheritance during the marriage:

• A house you bought before the marriage
• An inheritance received during the marriage
• A gift from a family member
• Property bought with separate property funds (and kept separate)
• Earnings after the date of separation

The Commingling Problem

When separate and community property get mixed together, things get complicated. For example:

• You owned a house before marriage but used community funds (your paycheck) to pay the mortgage during the marriage
• You had a 401(k) before marriage but continued contributing during the marriage
• An inheritance was deposited into a joint bank account

In these situations, the asset may be partly community and partly separate. If your case involves significant commingled assets, consult a family law attorney for a proper tracing analysis.

Category-by-Category Walkthrough

Real Property (House, Rental Property)

For each piece of real estate, list:

| Field | What to Enter | |-------|---------------| | Description | Property address | | Date acquired | Purchase date | | Fair market value | Current estimated value | | Amount owed | Remaining mortgage balance | | CP or SP | Community or separate (or mixed) |

How to determine value: Use a recent appraisal, a Zillow/Redfin estimate, or a comparative market analysis from a real estate agent. A formal appraisal ($300–$500) is more accurate but not always necessary for an uncontested divorce.

The mortgage matters: List the current mortgage balance separately from the property value. If the house is worth $600,000 and the mortgage balance is $400,000, the equity is $200,000 — and that equity is what gets divided.

For more on what happens to the house, see our guide on keeping the house in a California divorce.

Vehicles

For each vehicle (cars, trucks, motorcycles, boats):

| Field | What to Enter | |-------|---------------| | Description | Year, make, model | | Date acquired | Purchase date | | Fair market value | Kelley Blue Book or similar value | | Amount owed | Remaining loan balance | | CP or SP | Community or separate |

How to determine value: Use Kelley Blue Book (KBB) or Edmunds for a fair market estimate. Use the "private party" value, not the "trade-in" or "dealer" value.

Bank Accounts

For each account (checking, savings, money market):

| Field | What to Enter | |-------|---------------| | Description | Bank name, account type | | Date acquired | When the account was opened | | Balance | Current balance as of a specific date | | CP or SP | Community or separate |

Tip: Use a recent statement and note the statement date. Both spouses should use statements from the same date range if possible to avoid confusion.

Retirement Accounts (401(k), IRA, Pension)

This is often the most valuable asset after the house. For each retirement account:

| Field | What to Enter | |-------|---------------| | Description | Account type, plan name, employer | | Date acquired | When you started contributing | | Balance | Current balance | | CP or SP | May be mixed — see below |

The community property portion: If you started a 401(k) before marriage and continued contributing during marriage, part of the balance is separate property (pre-marriage contributions and their growth) and part is community property (contributions and growth during marriage). A "time rule" formula is typically used to calculate the split.

QDRO required: Dividing a 401(k), pension, or 403(b) between spouses requires a Qualified Domestic Relations Order (QDRO). IRAs are divided differently (via a transfer incident to divorce) and don't require a QDRO.

Investments

For stocks, bonds, mutual funds, ETFs, and crypto:

| Field | What to Enter | |-------|---------------| | Description | Brokerage, holdings | | Date acquired | When you bought or opened the account | | Fair market value | Current value | | CP or SP | Community or separate |

Use a recent brokerage statement for values. If individual stocks were purchased at different times (some before marriage, some during), list them separately.

Personal Property

High-value personal items only — jewelry, art, collectibles, electronics, furniture. The court doesn't need to know about every kitchen utensil. Focus on items worth $500 or more individually.

Business Interests

If either spouse owns or partially owns a business, list the ownership interest and estimated value. Business valuation can be complex — if the business has significant value, a professional valuation may be necessary.

Debts

For each debt (credit cards, loans, student loans, medical bills):

| Field | What to Enter | |-------|---------------| | Description | Creditor name, type of debt | | Date incurred | When you took on the debt | | Balance | Current amount owed | | CP or SP | Community or separate |

Student loans: Generally classified based on when they were incurred. Loans taken during the marriage are typically community debt — but California courts have discretion to assign student loan debt to the spouse who received the education.

Valuation Date Matters

Use values as close to your filing date as possible. "Close enough" estimates from memory aren't acceptable. Pull current statements for bank accounts, retirement accounts, and debts. For real estate and vehicles, use a current estimate — not what you paid years ago.

Both spouses should try to use the same valuation date for shared accounts to avoid discrepancies.

Common Mistakes to Avoid

1. Listing only "your" assets. You must disclose everything — including accounts in your spouse's name that you know about. The goal is full transparency.
2. Forgetting retirement accounts. People focus on bank accounts and the house, but retirement accounts are often the largest asset.
3. Using purchase price instead of current value. The court needs to know what things are worth now, not what you paid.
4. Not distinguishing community from separate property. Every item should be clearly marked. If you're unsure, note that it's "disputed" and explain in a separate attachment.
5. Omitting debts. Debts get divided too. Leaving out a credit card balance doesn't make it go away.

How MutualFile Helps

MutualFile's guided interview walks you through each category of assets and debts with plain-English questions. We help you classify property as community or separate, and generate the completed FL-142 with the correct format. Both spouses complete their disclosures on the platform.

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This article is for informational purposes only and does not constitute legal advice. If you have significant assets, business interests, or complex property issues, consider consulting a licensed family law attorney.