Schedule of assets and debts
Schedule of assets and debtsThe legal entities issue a form known as Schedule of assets and debts i.e. FL-142, that includes the total assets and debts of both the petitioner and respondent. But this form is not filed with the court. All the assets that belong both to the petitioner and respondent should be disclosed. This form is applicable to divorce cases, family matters, property issues etc. at the time of lawsuits the petitioner and the respondent should disclose the total assets that belong to him.
He must include even those assets that are not in his possession at present.The form is divided into distinct columns. If a particular Schedule of assets and debts specifically belong to the petitioner then he must mention P in the first column and if it particularly belongs to respondent it must be stated as R on the first column. The total assets and the total debts possessed by the petitioner and same as follows by the respondent must be clearly know by the authorities. It is very vital aspect for decision making in the future.
The value of the Schedule of assets and debts should be mentioned as per the date of signing the form. If the petitioner demands that assets or
debts should be valued as per the future date or wishes to give a valuation date, then he must attach a separate sheet by numbering them for the purpose of identification.Regarding the aspect of assets, the assets are usually valued by the market value today and the amount of the asset mentioned is the gross amount. The nature and the structured of the asset is described. The assets that are included in the category are real estate, household furniture, furnishings, appliances, jewelry, art, antique items, vehicles, bank account, deposits, cash banks and investments in other financial institutions. Preliminary expenses, tax refund, accounts receivable are also considered as assets. Section 11 prescribes about the stocks, bonds and secured notes. 12 section refers to retirement and pension plans.
Totally there are 16 items for assets. 17 column is meant for addition of total Schedule of assets and debts.Total debts or liabilities that are to be owed are specified form section 17 to section 28. They include borrowings from sources such as student loans, taxes, secured and unsecured loans, credit cards and support arrearages. Section 26 is meant for total debts.In case of stocks and bonds, retirement and pension, annuities, accounts receivable, credit cards and secured loans latest attested copies of the following sheets are required. And in case of partnerships and business interests K-1 forms of schedule C are required
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