Completing Divorce Income And Expense FL-150 | A Step-by-Step Guide | Los Angeles Divorce

Posted by Tim Blankenship on

 

Completing Divorce Income And Expense FL-150 | A Step-by-Step Guide

Divorce can be a complex and emotionally challenging process, especially when it comes to disclosing financial information. Whether you are representing yourself or just want to understand the paperwork better, knowing how to accurately complete the Income and Expense Declaration (Form FL-150) is essential. This guide will walk you through the process with clear instructions and helpful tips to make this step easier.

Introduction to the Income and Expense Declaration

The Income and Expense Declaration, or Form FL-150, is a critical document used in the divorce process in Los Angeles County and beyond. It forms part of the financial disclosure requirements where both parties must provide detailed information about their income, expenses, assets, and debts. This form helps the court understand your financial situation to make fair decisions regarding support and property division.

At this stage in the divorce process, you will have already filed your initial divorce forms and served them to the other party. Now, it’s time to disclose your financial information accurately. Completing this form correctly can save time and reduce misunderstandings later on.

Getting Started: Basic Information

The first section of Form FL-150 asks for your personal details and case information. Here’s what you need to include:

  • Your full name, address, and phone number.
  • The court’s name and location (e.g., County of Los Angeles).
  • The names of the petitioner and respondent.
  • Your case number, which you should have from your filed divorce paperwork.
  • Your employer’s name, address, phone number, your occupation, and the date you started your job.

If you are currently unemployed, you will indicate your last job and when you stopped working. This section also collects your age, educational background (high school, college, graduate school), and your tax filing status from the previous year (such as single or joint). If any of these fields don’t apply to you, it’s perfectly fine to leave them blank.

Additionally, this section asks you to estimate the other party’s income if you know it—based on pay stubs, direct deposits, or any other reliable source. If you don’t know, simply mark it as unknown.

Detailing Your Income

On page two of the FL-150, you’ll provide a detailed breakdown of your income. The court requests both your last month’s income and an average monthly income calculated over the past 12 months. When calculating averages, be sure to separate regular salary or wages from overtime and commissions.

  • Include all sources of income such as wages, pensions, spousal or child support, and social security benefits.
  • If you are self-employed, report that income separately with details about your business type and name.
  • Note any additional or unusual income, such as lottery winnings or significant recent changes in income.

Remember to subtract any mandatory deductions like union dues, retirement payments, or support payments before reporting your net income.

Listing Your Assets and Debts

Next, you will list your assets and debts. This includes:

  • Cash, checking, savings, and money market accounts.
  • Investments such as stocks or bonds.
  • Real and personal property—this could be your home, vehicles, or other valuable possessions.

Calculate your total assets and then subtract any debts or liabilities to give a clear picture of your net worth.

Household Information and Living Expenses

Page three focuses on who lives with you and your monthly expenses. This includes:

  • Listing everyone living in your household, including children, elderly relatives, or tenants.
  • Providing their age, relationship to you, income, and whether they contribute to household expenses.
  • Detailing monthly expenses such as rent or mortgage payments, property taxes, insurance, utilities (gas, water, electric, trash), groceries, child care, education, and other regular costs.

Be as accurate as possible. If you don’t have exact numbers, you can estimate. However, keep in mind that the court expects reasonable and honest figures.

If you have installment payments like credit cards or loans, list those as well, including payment amounts and current balance. You can note whether payments are current or past due.

Special Considerations for Those with Children

If you have children, page four of the form will ask for additional information regarding custody and support:

  • How many children you have and the time they spend with each parent (e.g., every other weekend, three days a week, or joint custody).
  • Details about health insurance coverage for the children, including the provider’s name and address.
  • Any special or hardship expenses for the children that the court should consider.

This section helps the court understand your childcare responsibilities and expenses, which can affect support calculations.

Important Tips for Completing Form FL-150

  • Fill out the form carefully and honestly to avoid delays or disputes.
  • If you are representing yourself (in pro per), leave attorney fee sections blank—these only apply if you have legal representation.
  • Double-check your case number and court information on every page.
  • Keep copies of all documents you submit for your records.
  • If you’re unsure about any section, consider consulting a professional legal document preparation service.

Conclusion

Completing the Income and Expense Declaration (Form FL-150) is a vital step in the divorce financial disclosure process. By providing clear and comprehensive information about your income, expenses, assets, and debts, you help the court make informed decisions regarding your case. Whether you are filing as the petitioner or respondent, following these guidelines will make the process smoother and more transparent.

If you need professional assistance, affordable legal document preparation services specializing in divorce cases are available to guide you through this and other forms. Accurate paperwork can significantly reduce stress and ensure your case proceeds efficiently.

Remember, transparency and accuracy are key when disclosing financial information during divorce proceedings.