What is an Income and Expense Declaration?
The Income and Expense Declaration (FL-150) is one of the most important documents used in California family law matters.
An Income and Expense Declaration is a 4-page form that requires you to list what you earn and spend. California law requires divorcing spouses to exchange Income and Expense Declarations, and they are critical in spousal support and child support proceedings. The purpose of the Income and Expense Declaration is to ensure each party has the information needed to make informed decisions about financial issues in the case.
As far as income, categories include wages, bonuses, dividends/interest, rental property income, trust income and more. As for expenses, the form calls for information such as rent or mortgage, auto expenses, health-care costs, child care, installment payments and debt, entertainment, gifts, vacation and more. The form also requires you to attach certain financial documents, including pay stubs or a profit and loss statement if you are self-employed.
The form appears simple, but it is filled with legal technicalities and has ongoing implications to your case. It is critical to be completely honest and accurate. This form is signed under penalty of perjury (read: lying on this form is illegal). Lying on an Income and Expense Declaration, whether by concealing income, refusing to attach required documents, or even appearing deceptive can negatively impact your case. Your credibility is hugely important to your case in many ways, particularly to a family law judge.
What if you suspect the other party is lying on their Income and Expense Declaration, whether by deflating income or inflating expenses? That complex legal issue is the topic of a different blog post, but there are plenty of investigative tools at your and your attorney’s disposal -- including taking depositions and issuing subpoenas to third parties like employers and financial institutions.
If you are involved in a divorce, and/or a spousal support or child support dispute and are seeking legal assistance, call the Law Office of Emily E. Rubenstein at (310) 750-0827. We proudly serve Beverly Hills, West Hollywood, West Los Angeles, Santa Monica, Culver City, the South Bay, Sherman Oaks, Studio City, Encino and all of Los Angeles County.