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Biggest financial disclosure mistakes to avoid?

CAstarting_over_20261 month ago

About to do my Preliminary Disclosure of Assets. What do people most often get wrong?

2 replies

✓ Verified answer from a licensed attorney — shown first

Grace Mensah avatarGrace MensahVerified Attorney1 month ago

Long Beach family-law attorney. Top three I see: (1) leaving a retirement account off the FL-142 because 'it was always in my name' — community-property states don't care whose name is on it, only when it was earned. (2) Listing the wrong date for the date of separation. That date controls what counts as community and what doesn't. (3) Forgetting credit-card debt that has no balance right now but did during the marriage. Disclose everything, even the embarrassing accounts. The judgment is much harder to attack later when the disclosure was clean.

Carmen Reyes avatarCarmen ReyesVerified Attorney1 month ago

Adding one. People list 'household furniture' as a single line at $500. That's fine if it's truly nominal — but if there's anything of real value (a piano, a collection, a high-end bike), break it out. Treat the FL-142 like a balance sheet, not a packing list. General guidance, not your case.

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Please readThis is a community space for sharing personal experience — it is not legal advice, and posts here are not from Lawma or your attorney. We strongly encourage you to post under an anonymous handle, keep questions general, and avoid posting private details of your active case. For advice about your own situation, message your attorney.