Need To Complete Divorce Income And Expense | Santa Clarita Divorce
When you file for divorce, there are specific steps you need to take to complete the divorce process. What we are discussing here is about the requirements for you to complete your financial disclosures. Specifically, we will we adressing how to complete the divorce income and expense Form FL-150.
The income and expense declaration is one of the forms that comprises the what is known as the declaration of disclosure. The other form we will discuss in another post and video is how to complete the divorce schedule of assets and debts.
The process of disclosure is very important in the divorce process. The courts want both parties to disclose all their financial information. In addition, these document will be used to assist you when dividing up your property and debts at the time you prepare your judgment.
The income and expense declaration will ask you to disclose certain financial information such as:
- The name of your employer
- Whether you are currenty employed or not
- How much you make
- How much the other party makes
- How much education you have
- Last year no filed taxes
- Estimation of all your debts
- Net of your assets and debts
When you are completing the income and expense declaration, make sure you place your source of income in the correct area. The income and expense declaration asks you to specify the source of your income. Make sure to also separate out your overtime from your regular pay. Be especialy mindfull not to place your self employment income in the salary income. There is a separate line item for that.
We are a licensed and bonded legal document assistant company that help self represented clients professionally prepare their divorce. For more information on our affordable divorce service, please give us a call.
