What is a PDD in a Louisville divorce? One of the first documents you will be required to complete during a Louisville divorce is the Preliminary Declaration Disclosure or the PDD. The PDD is intended to provide a transparent, accurate and complete disclosure of all known assets and liabilities to the other party. Your former spouse will also complete a PDD and return it to you. This is intended to make sure that neither party is hiding any assets or debts, and that all financial information relating to marital property and the divorce for each individual is fully disclosed.
The PDD in a Louisville divorce is a complex form and requires substantial supporting documents such as statements, loan agreements and other paperwork associated with the asset or debt. There are several supporting forms that ensure all information is freely exchanged between both parties. These include:
- A listing of assets and debts
- Property declarations
- Marital and quasi-marital property
- Separate property disclosure
- Income and expense declaration
- All tax returns for two years prior to separation
- A statement of all material facts and information regarding valuation of all assets that are marital property or in which the marital has an interest
- A statement of all material facts and information regarding obligations for which the marital is liable
- An accurate and complete written disclosure of any investment opportunity, business opportunity, or other income-producing opportunity presented since the date of separation that results from any investment, significant business, or other income producing opportunity from the date of marriage to the date of separation
- retirement assets and pensions
This information is provided and you must sign that it is complete and accurate under penalty of perjury.
The failure to disclose the existence, true nature or value of an asset or debt on a PDD in a Louisville divorce can and will lead to “sanctions.” Our Courts take a dim view of former spouses who try to hide money or assets, or significantly under-report the valuation of a business or other asset.
We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.