FL-150: When Does It Need To Be Filed: California Divorce
Hi Tim Blankenship here with divorce661.com and in this video, we’re talking about the income and expense declaration and whether or not it needs to be filed. So, when you go through a divorce you have to do your financial disclosures, this is an income and expense and schedule of assets and debts.
You’ll notice on the FL 142 which is a schedule of assets and debts, it says this form is not filed with the court, it’s just to be exchanged between the parties and that’s fine.
The income and expense declaration however makes it appear as if it needs to be filed because there is a place for a stamp and all of that good stuff, so what I want people to know and my interests is in having our clients of course and anyone watching these videos, give the court as little information as possible because potentially this is public record, so if you don’t necessarily want your finances out in the open for someone to go pull a copy of your income and expense declaration to see what you do or how much you make or your bills and so forth, there are certain circumstances where the income and expense does not need to be filed.
Primarily it is when there are no minor children, if there are no minor children in your divorce the income and expense declaration is not required to be filed. You’re still going to prepare it and exchange it as part of the mandatory preliminary disclosure process but you do not have to file it if there are not minor children and the alternative.
I get the same question people who have children and maybe have an agreement for support or don’t want child support, they ask Tim why do we have to still do the income and expense. It’s just a mandatory form when there are minor children but if there are no minor children, you do not need to file the income and expense declaration. Tim Blankenship, divorce661.com, thanks so much for watching.