Preliminary Declarations of Disclosures: Be Diligent!

Preliminary Declarations of Disclosures (PDD’s) are exchanged within 60 days of the filing of the case, and are MANDATORY.  The Judgment cannot be entered without filing proof that you have properly exchanged these.  It is the law and you cannot bypass this requirement.  You may be inclined NOT to disclose an asset that you believe your spouse has no knowledge of.  This is a bad idea.  Your spouse’s lawyers has many methods and tools for retrieving information on your assets and debts.

Furthermore, if you fail to exchange accurate disclosures, the consequences are that your divorce can be re-opened, and the omitted assets can be later divided.  Or worse, if the Judge finds that you purposely failed to disclose, he/she may PUNISH you by awarding the ENTIRE omitted asset to the other side!  (Confirm this with Ms. Rossi, who filed to disclose her lottery winnings to her ex-husband, who later took her to Court and got the ENTIRE lottery winning, and not just 50%). 

When in doubt, disclose.

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