What Are the Requirements for Form FL-150?

Question from Aras, What Are the Requirements for Form FL-150?

Answer from AI:

When you’re dealing with family law matters such as child support, spousal support, or any financial issues in a divorce case, you might be required to complete and file a form known as the Income and Expense Declaration (Form FL-150) in the United States, particularly in the state of California. This form provides the court with detailed information about your financial situation.

Do You Need to Include Bank Statements with Form FL-150?

Generally, you are not required to attach bank statements when you initially file Form FL-150. However, you should be prepared to provide them if the court or the other party requests them. The form itself requires you to disclose your monthly income and expenses, and you must provide accurate information. If there is a dispute about the information you provided, bank statements for the relevant months may be requested to verify your declarations.

Which Months’ Financial Information Should You Include?

On Form FL-150, you will need to provide information about your current monthly income and expenses. This typically means providing details about your financial situation for the most recent months. If your income has changed recently, you may need to explain the change and provide additional context.

Reporting Zero Income and Closed Business

If your business closed four months prior to filing Form FL-150, you should report the current income as zero if you are not receiving any income from the business. However, it is important to explain the circumstances of the business closure in the form. You should provide information about the business, including when it was operational and when it closed.

Disclosing Tax Returns

Regarding tax returns, you are typically required to provide information about your income from the last two years. This means you should include information from your tax returns for the past two years, even if your business is no longer generating income. The court uses this historical data to understand your financial situation better and make informed decisions about support obligations.

Consulting a Legal Professional

It’s important to note that while this information provides a general guideline, family law can be complex, and requirements may vary depending on your specific circumstances and jurisdiction. If you have questions about completing Form FL-150 or your obligations regarding financial disclosures, it is advisable to consult with a family law attorney who can provide personalized advice based on your situation.

For more information on Form FL-150 and instructions on how to fill it out, you can visit the California Courts official website. Remember that legal self-help resources are also available, but they do not replace the advice of a lawyer.

In summary, while you do not need to enclose bank statements with Form FL-150 initially, you should be prepared to provide them if requested. You should report your current income accurately, even if it is zero due to a closed business, and include information from your tax returns for the past two years. Always consider seeking legal advice for your specific situation.