Preparing Your Schedule of Assets and Debts

by keith on July 19, 2013

Schedule of Assets and DebtsAnother part of the disclosures required by the family courts is the Schedule of Assets and Debts. The schedule allows the court to fairly evaluate the parties’ community property and separate property assets and debts. The form will also help you understand more clearly what property and debts there are to divide. It will guide you in negotiating a possible settlement and will focus property division part of the divorce proceedings.

In the Schedule of Assets and Debts, as you list each item, you may mark it as the separate property of either the petitioner or responded by writing a “P” for petitioner or “R” for respondent in the second complot of the schedule marked “Sep. Prop.”

As you go down the list of items, make sure you list and describe all items you are aware of that fall into that specific category. You must attach the required documents as well. You may find it helpful to assemble your latest bank account and credit account statements before you begin completing the schedule. You will also need copies of the latest statements for any deferred compensation accounts you or your spouse have, including 401(K) Pension Plans and IRAs.

When completing section 1 of the schedule, you may consult for information on the current gross fair market value of your home. When completing section 4 of the schedule, you would find it helpful to do a Kelly Blue Book valuation of each vehicle listed to determine the fair market value of that vehicle. When you complete each section of the form, attached all of the required documents before filing and serving the form.

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