I have a couple questions on FL150
Number 11a-Assets- is this today, or the day I filed?
Number 11c-Is my house “real” property? And do I combine the house value (minus owed) AND the value of all the household (furniture etc) value?
I have a couple questions on FL150
11a: that is the current estimate of your assets.
11c: yes, your house is real property. In order to determine the house value, you take the estimated fair market value and subtract the debt on the house itself. If you also have “personal property,” which includes furniture, furnishings, appliances, vehicles, jewelry, and other similar tangible items, you will want to add the house value (real property value) and the personal property value to complete this section correctly.
After reading your FAQ’s, I understand that we cannot avoid filing the financial disclosures.
Does completing FL-150 do anything in terms of the court forcing our hand to split assets or pay debts in any particular way? It seems to me it is simply documenting the facts of the financial situation, correct? We have agreed on everything, no children, no property, just minimal assets and debts that we have agreed to split up amongst ourselves.
This is a fantastic question - thank you for asking it!
Completing FL-150 does not automatically do anything other than to fulfill the legal requirement for the exchange of financial disclosures. It should not impact your agreement/settlement in any way, and the Court will NOT interfere with your decision unless it was obvious that the division was really, really unfair (for example, one spouse makes $1M/year and keeps all the assets, and the other spouse doesn’t work and keeps all the debts). For most average divorcing couples going through an uncontested divorce, this form represents nothing other than properly proceeding with your divorce.
In general, Courts/Judges want to give divorcing spouses the first opportunity to reach their own agreement as autonomous adults, even if it’s not the same result as what the law would require. It’s only when things go sideways when a judge will step in and strictly apply the law. You have a chance to do better than the law and come up with a solution that works for both of you in your specific lives.
Hi Cristin, thank you for all your help. I see this is never posted before. I am little uncomfortable in giving financial details mainly because this doc(fl-150) is a public record. As I learn that anyone can get hold of this doc and see your annual pay and assets worth like stocks. Is that true. I started the divorce and served my wife. I am working on the disclosures. My wife is fully cooperating, If I dont have to disclose fl-150 as a public record, I would like go with “uncontested with agreement route.” but not sure how tedious is that as she has to respond (Which is okay but how much paper work she has to do or we both together do one set of paper work). Thanks in advance.
Also we do not mind paying her court fee 435$ if that give privacy and other benefits like lesser forms and get it done faster (we have kids and house, planning to do MSA).
Uncontested with agreement means that you both file (you Petition and she responds with FL-120). You both prepare and serve your financial disclosures, BUT if there is a full agreement, you are not required to file FL-150 (you still have to serve it). The only mandatory filing is then FL-141, which has no confidential information.