How to complete a financial disclosure form for divorce

Last updated 2026-07-09

What is a financial disclosure form in a divorce?

A financial disclosure form, sometimes called a financial affidavit, income and expense declaration, or schedule of assets and debts depending on your state, is a sworn document that lays out your complete financial picture at the time of divorce. You sign it under oath. If you intentionally hide income or undervalue an asset, you are committing perjury, which is a crime.

Most states require both spouses to complete and exchange these forms before a judge will approve any divorce settlement, whether you're fighting in court or filing an uncontested divorce together. The court uses them to confirm that any property division, alimony arrangement, or child support amount rests on real numbers rather than guesswork. ^[1]

The specific form name varies by state. California uses the Income and Expense Declaration (FL-150) and the Schedule of Assets and Debts (FL-142). Florida uses a Financial Affidavit (Form 12.902). Texas calls its version an Inventory and Appraisement. New York uses a Statement of Net Worth. Different names, same purpose: full transparency about money. ^[2]

For an uncontested divorce, this document is less about combat and more about documentation. Even when you and your spouse agree on everything, the court still needs proof that both of you understood what you were agreeing to. It's the paper trail that makes your settlement hard to unwind.

Which states require financial disclosure forms and which don't?

Most states require them. But the rules differ enough that you need to check your specific state's court self-help page before you assume anything applies to you.

State	Form Name	Required For Uncontested?	Exchange Deadline
California	FL-150 / FL-142	Yes (both spouses)	Before judgment [2]
Florida	Form 12.902(b) or (c)	Yes, unless waived by agreement	45 days after service [3]
Texas	Inventory and Appraisement	Typically, yes	Before trial or mediation
New York	Statement of Net Worth	Yes in contested; often yes in uncontested	With the summons or early in proceedings
Illinois	Financial Affidavit	Required when support or property at issue	Per local court rules

Florida is one of the few states with a formal waiver option. Florida Family Law Rule of Procedure 12.285 lets parties in uncontested cases waive mandatory disclosure by signed agreement, but both spouses have to agree in writing and the waiver itself becomes part of your court file. ^[3]

In community property states like California, Arizona, Nevada, and Washington, full disclosure is non-negotiable. Courts there treat both spouses as co-owners of marital property, so hiding an asset is treated more seriously than in equitable distribution states.

Start at your state court's self-help center or family law section before you fill out any form. The National Center for State Courts keeps a directory of state court websites at ncsc.org if you're not sure where to begin. ^[4]

What information do you need to gather before you start?

Give yourself at least two to four hours to pull everything together before you touch the form. Rushing this step causes more errors than anything else.

Here's what you'll need in front of you:

For income: your last two to three years of federal tax returns (Form 1040 and all schedules), your last two to four pay stubs, any 1099s or K-1s from freelance work, rental income, side businesses, or partnership interests, and documentation of any other regular money coming in, including social security, disability, pension distributions, or unemployment. ^[5]

For assets: bank statements for all checking and savings accounts going back three months, brokerage and retirement account statements (401k, IRA, pension), the most recent mortgage statement on any real property you own, the title or loan payoff statement on any vehicles, and documentation of business ownership interests, including the most recent business tax return if you're self-employed.

For debts: credit card statements showing current balances, mortgage payoff amounts, auto loan balances, student loan statements, personal loans, and medical debt. Don't forget the less obvious liabilities like back taxes owed to the IRS or a state, or a home equity line of credit balance. ^[6]

For monthly expenses: your last three months of bank and credit card statements make this far easier to pull accurately than guessing. Most people underestimate their expenses by 15 to 25 percent when they work from memory.

One practical tip. Build a simple folder, physical or digital, and sort documents by category before you fill in the first line. The form won't tell you what you're forgetting. Having all the source documents in front of you does.

How do you fill out each section of the form correctly?

Every state's form is laid out a little differently, but they all ask for the same core categories. Here is how to handle each one.

Income section

List gross monthly income first, then the deductions (taxes, FICA, health insurance premiums), and arrive at net monthly income. If you're a salaried employee, this is easy: divide your annual salary by 12. If you're hourly, multiply your average weekly hours by your hourly rate by 52, then divide by 12. If income varies, most forms want a 12-month average. Use last year's tax return gross income divided by 12 as your starting point, then note on the form if this year looks very different.

Self-employment income is where people get into trouble. The form usually wants gross business receipts minus ordinary and necessary business expenses, not your net profit after depreciation and other paper deductions. Courts are skeptical of very low self-employment income and may impute income based on earning capacity if the numbers look out of step with your lifestyle or assets. ^[7]

Assets section

List every asset at its current fair market value, not what you paid for it. Your car is worth what it would sell for today, which you can check with Kelley Blue Book (kbb.com). Your home's current value can come from a recent appraisal, a county assessor's estimate, or a real estate agent's comparative market analysis. For retirement accounts, use the current balance from the most recent statement. The form often distinguishes between separate property (owned before marriage or received as a gift or inheritance) and marital property. Keep those columns accurate, because that distinction decides what gets divided. ^[8]

Debts section

List every debt by creditor name, current balance, monthly minimum payment, and whether the debt is in your name alone, your spouse's name alone, or joint. This matters: who is legally liable for a debt is a separate question from which spouse agrees to pay it in your settlement.

Monthly expenses section

List what you actually spend, not what sounds reasonable. Courts and attorneys read these forms all day, and they notice when someone claims $200 a month in food for a family of three or $0 in entertainment. Pull real numbers from your bank and credit card statements. If you have children, some forms ask you to separate your personal expenses from the children's expenses. Follow the form's instructions on that exactly.

Sign the form in front of a notary if your state requires notarization, or in front of a court clerk. California's FL-150 requires a declaration under penalty of perjury but no notary. Florida's financial affidavit requires a notary or court reporter. Read the signature block carefully.

What are the most common mistakes people make on financial disclosure forms?

These are the errors that come up over and over, based on how courts and mediators describe common problems in self-represented divorce cases.

Forgetting accounts they rarely check. Old savings accounts, an HSA (health savings account), a small brokerage account from years ago, a former employer's 401k that never got rolled over. These have a way of surfacing later through a subpoena or a credit report, and leaving them out looks intentional even when it wasn't.

Using the wrong valuation date. Some states want asset values as of the date of separation. Others want the date of filing. Others want the date of trial. California uses different dates depending on the asset type. The wrong date doesn't make the form fraudulent, but it can get your settlement reopened. Check your state's rules. ^[2]

Undervaluing real estate or business interests. Listing your house at what you paid for it in 2015, or listing a business interest at zero because "it's just my LLC," will not hold up if your spouse challenges it. Get at least a basic comparative market analysis from a real estate agent for property. For a business with any real revenue, a formal valuation may be necessary.

Confusing gross and net income. If the form asks for gross monthly income and you enter your take-home pay, the resulting child support or alimony number is wrong from the first line.

Leaving fields blank instead of writing zero or N/A. A blank line looks like an omission. If you genuinely have no income from a category, write $0. If a question doesn't apply, write N/A. That protects you from a claim that you skipped the question on purpose.

Not updating the form when things change. If a lot of time passes between filing the disclosure and signing your final agreement, your financial picture may have shifted. Some courts require updated disclosures closer to the final hearing. Check whether your state has a refresh requirement.

How do you handle assets or income you share with your spouse?

Both spouses will usually disclose the same joint accounts, and that's fine. The form asks for your financial picture, and joint assets are part of your financial picture. Don't leave off a joint account because you assume your spouse already listed it.

For rental property income, each spouse typically lists their share. If you own a rental 50/50 and it brings in $2,000 a month, each of you lists $1,000. Follow your state's instructions here; some forms ask for the total and then ask you to note the ownership percentage.

If your spouse controls a business you partly own, or if you have reason to think they're hiding assets, you may need to request documents through formal discovery, the legal process that lets you compel the other party to produce financial records. In a truly uncontested divorce this rarely comes up, but if you have doubts, a one-hour consultation with a divorce attorney can help you decide whether to push for more documentation before you sign anything. ^[9]

Deferred compensation, unvested stock options, and pension benefits earned during the marriage are marital assets in most states even if they haven't paid out yet. They need to be listed and given a present value. This is one spot where a brief consultation with a financial professional, even a single session with a fee-only planner, can keep you from leaving real money on the table.

What happens if you make a mistake or leave something out?

Mistakes happen, and courts generally separate honest errors from deliberate concealment. If you realize after filing that you forgot an account or got a number wrong, you can usually file an amended disclosure. Do it as soon as you notice. The longer you wait, the more it looks intentional.

Deliberate nondisclosure is a different animal. In California, Family Code Section 721 imposes a fiduciary duty between spouses that requires full disclosure, and California courts have set aside entire divorce judgments years after they were entered when one spouse later found out the other hid assets. ^[10] This is more than a theoretical risk. California courts have long recognized that a spouse can seek to reopen a judgment based on breach of fiduciary duty even after the divorce is final.

In Florida, Rule 12.285 states that failure to comply with mandatory disclosure can bring sanctions, including the court striking pleadings or awarding attorney fees to the other party. ^[3]

The practical takeaway: over-disclose rather than under-disclose. If you're not sure whether something counts as an asset, list it. If you're not sure whether a debt is marital, list it and note that it's disputed. Erring toward transparency costs you nothing and shields you from a much bigger problem later.

Can you waive financial disclosure in an uncontested divorce?

Some states allow it. Some don't. Where waiver is permitted, both spouses have to agree in writing, and the waiver usually has to be filed with the court.

Florida is the clearest example of a state with a formal waiver process. Under Florida Family Law Rule of Procedure 12.285(b), spouses in an uncontested divorce can execute a written waiver of mandatory disclosure. But there are exceptions. If the case involves minor children, certain disclosures tied to income for child support cannot be waived. ^[3]

California does not allow full waiver. Both spouses must serve a Preliminary Declaration of Disclosure (the FL-140 package, which includes the FL-150 and FL-142), though the Final Declaration of Disclosure can be mutually waived by both parties if certain conditions are met. California Family Code Section 2105(d) allows the final disclosure to be waived, but the preliminary one is mandatory. ^[13]

Texas and New York generally don't allow waiver of financial disclosure in the same structured way, though practices vary by county.

Even where waiver is technically allowed, think hard before using it. Waiving disclosure means neither of you has a clear, court-documented record of what was on the table when you settled. If a significant asset surfaces later, you have less recourse. In most uncontested divorces the forms aren't that burdensome once you have your documents together, and the protection they give you is real.

How does financial disclosure connect to property division and alimony?

The financial disclosure form is the foundation for everything else in your settlement. Property division, alimony, and child support all flow from the numbers on that form.

For property division, the disclosed assets and debts give both parties (and the judge) a full inventory of what exists to divide. In community property states, marital assets split roughly 50/50, and the disclosure tells you what's in the pot. In equitable distribution states, which is the majority of states, the split is based on what's fair given the circumstances, and those circumstances include each spouse's financial situation as shown on the disclosure. ^[8]

For alimony, courts look at the income and expense sections of both disclosures to weigh whether one spouse needs support and whether the other can pay. The gap between a lower-earning spouse's monthly expenses and their income comes straight off these forms.

For child support, income from both disclosures feeds directly into the state's child support formula. If you use a child support calculator, you'll see it asks for the same income figures your disclosure requires. Getting the income section right is directly tied to getting the right child support number.

If you're handling the full paperwork stack yourself, DivorceClear's $149 document packet includes state-specific financial disclosure forms along with the rest of the paperwork you'll file. It's no substitute for knowing what goes in the forms, but it makes sure you're working from the right version for your state.

You can read more about what goes into the broader set of divorce papers if you want to see how the financial disclosure fits into the complete filing package.

How long does it take and what does it cost to file financial disclosures?

The financial disclosure form has no separate filing fee in any state I'm aware of. It's part of your divorce filing package, and the filing fee covers the whole package. Divorce filing fees run from about $80 in Wyoming to over $400 in California, depending on county. ^[11]

Time is the real cost. Gathering documents takes most people two to four hours. Filling out the form takes another one to three hours, depending on how complex your finances are and how well you prepared. Simple finances (one job each, one joint bank account, one home, no business interests) can take 90 minutes total. Complex finances (self-employment, multiple investment accounts, real property in more than one state, business interests) can take much longer and may warrant hiring a forensic accountant or a family law attorney for at least the disclosure portion.

For most people doing an uncontested, DIY divorce, the out-of-pocket costs beyond the filing fee are small: maybe $20 to $50 for notarization if required, plus the time you invest gathering documents.

The much larger potential cost is getting it wrong. California courts have reopened divorce judgments and required full asset revaluation years after finalization when disclosure errors came to light. A reopened judgment, once you add attorney fees and court costs, can easily run into five figures. Completing the form accurately the first time is worth a few extra hours.

Where do you file the completed form and what happens after?

After you complete and sign your financial disclosure, the process usually runs in three steps: exchange, filing, and confirmation.

Exchange: You give a copy to your spouse (or their attorney), and they give theirs to you. This usually happens by mail, email, or hand delivery, depending on your state's rules. Keep proof that you sent yours and received theirs.

Filing: Some states require you to file proof of exchange with the court (a certificate or declaration stating you served the disclosure), not the disclosure itself. Others require the actual form to be filed. California requires filing a Declaration of Disclosure (FL-141) that certifies you exchanged the FL-150 and FL-142; the financial forms themselves are typically not filed with the court in California, just the proof of exchange. ^[2] Florida requires filing the actual financial affidavit with the court. ^[3] Check your specific state and county rules.

Confirmation: The court reviews your complete filing package, including proof of disclosure, before setting a hearing or issuing a final judgment. If something is missing or wrong, they'll send the package back with a deficiency notice. Fix the issue and refile.

If you're using a state court's self-help center, staff there can tell you exactly where and how to file. They can't give legal advice, but they can confirm the correct forms and filing procedure. The self-help center directory through your state's court website is the right place to start. ^[4]

Frequently asked questions

Do both spouses have to fill out a financial disclosure form?

In most states, yes. Both spouses must complete and exchange financial disclosure forms before a court will approve a divorce settlement. The requirement applies even in uncontested divorces. A few states let both parties sign a written waiver, but that waiver usually has limits, especially when children are involved. Check your state court's self-help page to see the exact requirement in your jurisdiction.

What if my spouse refuses to fill out their financial disclosure form?

If your spouse refuses, you can ask the court to compel them. Courts can sanction a non-compliant spouse, including striking their filings or ordering them to pay your attorney fees. In a contested case, you can also use formal discovery, including subpoenas, to get financial records directly from banks and employers. In a truly uncontested divorce this is rare, but if cooperation breaks down, ask a divorce attorney about your options.

Can I amend my financial disclosure form after I file it?

Yes. If you find an error or omission after filing, amend your disclosure as soon as possible. Most states allow amended filings, and courts generally treat prompt corrections as honest mistakes. Waiting a long time to correct an omission, especially a significant one, raises more questions. File the amended form, re-serve it on your spouse, and file any required proof of re-service.

What does it mean to sign a financial disclosure under penalty of perjury?

It means you swear the information you provided is true and complete to the best of your knowledge. Intentionally listing false information or deliberately omitting assets is perjury, a criminal offense. It also exposes you to civil liability: a spouse who finds undisclosed assets can ask the court to reopen the judgment, and in California can ask that the hidden asset be awarded entirely to them under Family Code Section 1101.

How do I value retirement accounts like a 401k or pension on the disclosure form?

For a 401k or IRA, use the current balance from your most recent statement. For a defined-benefit pension, valuation is harder because you're estimating a future income stream. Many states accept the vested accrued benefit listed on your most recent pension statement. For a pension with significant value, a formal actuarial valuation may be needed to represent what it's worth in present dollars.

Do I need to list my spouse's income on my financial disclosure form?

Generally, no. Your disclosure covers your own income, assets, and debts. Your spouse files their own separate disclosure. Some forms do ask you to list household income, which would include both. Read your state's specific form instructions carefully. When in doubt, list your own income and note your spouse's income separately if the form has a field for it.

What if my income changes significantly between filing and the final divorce decree?

You may need to update your financial disclosure. Some states explicitly require updated disclosures if a lot of time passes between the initial filing and the final hearing. Even where it isn't required, disclosing a material change protects you. If you lose a job or get a large raise after filing, note it in an updated disclosure and serve it on your spouse. Using stale income numbers to lock in a favorable support amount is a form of misrepresentation.

Can I skip the financial disclosure if my divorce is completely uncontested and we agree on everything?

Only in states that specifically allow a written waiver, and even then only under certain conditions. In most states the disclosure is mandatory regardless of whether you agree. Courts need it to confirm the settlement is fair and informed. A judge can refuse to sign off on your agreement without evidence that both parties had access to complete financial information. Skipping this step in a state that requires it will likely delay your divorce.

What financial documents should I keep copies of after filing?

Keep copies of everything: the completed disclosure form, all supporting documents you used to fill it out (tax returns, pay stubs, account statements), proof that you served the form on your spouse, and proof that you received theirs. Store these for at least five years after your divorce is final, preferably longer. If a dispute arises later about asset values or income at the time of divorce, these records are your protection.

Is a financial affidavit the same as a financial disclosure form?

They serve the same purpose and contain essentially the same information. States use different names: financial affidavit, financial declaration, income and expense declaration, schedule of assets and debts, or statement of net worth. The main distinction is that an affidavit is typically notarized, while a declaration is signed under penalty of perjury without a notary. Always use the specific form your state requires rather than a generic version.

How do I list a business I own on the financial disclosure form?

List the business as an asset and give it a current fair market value. Valuing a business is genuinely hard. For a simple sole proprietorship with low revenue, some people use annual net profit times a multiplier (often 1 to 3, depending on the industry). For any business with real assets, significant revenue, or multiple owners, a formal valuation by a certified valuation analyst is more defensible. List the business's monthly income contribution to you separately in the income section.

What happens if I discover my spouse hid assets after the divorce is final?

You can file a motion to set aside the judgment based on fraud or misrepresentation. Courts take this seriously. In California, a spouse who deliberately conceals a community asset can be ordered to forfeit their entire interest in that asset to the other spouse under Family Code Section 1101(h). Most states have similar remedies. The time limit varies by state but is typically three to five years from the date of discovery, not from the divorce date.

Do I have to disclose my cryptocurrency holdings on a financial disclosure form?

Yes. Cryptocurrency is an asset like any other. List each type you hold, the number of units, and the current fair market value in U.S. dollars as of the required valuation date. Use a reputable exchange or market data source to set the value and document your source. Crypto held in any wallet or exchange account during the marriage is a marital asset in most states and must be disclosed. Courts have specifically sanctioned spouses for hiding crypto.

Sources

1. California Courts, Self-Help Center: Divorce: California courts require both spouses to complete financial disclosures before a divorce judgment is entered
2. California Courts, Judicial Council Forms: FL-150 Income and Expense Declaration; FL-142 Schedule of Assets and Debts: California uses form FL-150 (Income and Expense Declaration) and FL-142 (Schedule of Assets and Debts) as its mandatory financial disclosure documents
3. Florida Courts, Family Law Forms and Rules: Rule 12.285 Mandatory Disclosure: Florida Family Law Rule of Procedure 12.285 requires mandatory financial disclosure within 45 days of service and allows waiver by written agreement in certain uncontested cases
4. National Center for State Courts, Court Websites Directory: The National Center for State Courts maintains a directory of state court websites useful for locating self-help centers
5. IRS, About Form 1040: Federal Form 1040 and associated schedules document gross income from all sources and are standard documentation for divorce financial disclosures
6. Consumer Financial Protection Bureau, Debt Collection FAQs: All outstanding debts including credit cards, mortgages, auto loans, and medical debt must be documented and disclosed in financial proceedings
7. California Legislative Information, Family Code Section 4058 (income for child support): California Family Code Section 4058 defines annual gross income for child support purposes and addresses self-employment income calculation, excluding business expenses that reduce taxable income but not actual cash flow
8. Cornell Law School Legal Information Institute, Equitable Distribution: Equitable distribution states divide marital property based on fairness rather than an equal split, using disclosed financial information to make that determination
9. American Bar Association, Family Law Section Resources: Formal discovery, including subpoenas of financial records, is available in divorce proceedings when a spouse suspects hidden assets
10. California Legislative Information, Family Code Sections 721 and 1101: California Family Code Section 721 imposes a fiduciary duty of full disclosure between spouses; Section 1101(h) allows a court to award an entire undisclosed asset to the non-hiding spouse as a remedy for breach
11. California Courts, Filing Fees: Divorce filing fees in California exceed $400 in many counties; fees nationally range from approximately $80 to over $400 depending on state and county
12. Florida Courts, Family Law Form 12.902: Florida requires the financial affidavit (Form 12.902(b) for incomes under $50,000 or Form 12.902(c) for incomes at or above $50,000) to be filed with the court in family law proceedings
13. California Legislative Information, Family Code Section 2105: California Family Code Section 2105(d) allows both parties to waive the Final Declaration of Disclosure by written agreement but does not allow waiver of the Preliminary Declaration of Disclosure