What is a PDD in a Carlsbad divorce? One of the first documents you will be required to complete during a Carlsbad 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 community property and the divorce for each individual is fully disclosed.
The PDD in a Carlsbad 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
- Community and quasi-community 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 community property or in which the community has an interest
- A statement of all material facts and information regarding obligations for which the community 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 incomeproducing opportunity from the date of marriage to the date of separation
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 Carlsbad 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.