If you’re going through a divorce in Kentucky, one of the most important parts of the process is the financial disclosure. Kentucky law requires full and prompt financial disclosure so that both parties and the court have an accurate picture of the marital estate. This ensures that decisions about property division, spousal maintenance, and child support are based on facts.
Whether your divorce is amicable or contested, the court requires full transparency when it comes to your income, assets, debts, and expenses. That’s where the financial disclosure comes in.
What are the AOC-238 and AOC-239 Forms?
The financial disclosure is known by different names throughout the state (e.g. PVDS, AOC-238, financial disclosure, etc.) but the format is the same. The forms are court-approved and required in nearly every divorce case in Kentucky. The Preliminary Verified Disclosure Statement (AOC-238) is typically exchanged early in the case (usually within about 45 days of service, although local practices may vary). The Final Verified Disclosure Statement (AOC-239) utilizes the exact same format but is typically filed before trial if property or financial issues are in dispute.
Both forms must be filled out completely and honestly, under oath. The end of the form calls for supporting documents which must be provided to the other party (though not always filed with the court).
What Must You Disclose?
The AOC-238 and AOC-239 forms require detailed financial information, including income and employer information (or business income if self-employed); real estate holdings; vehicles, including leases and loan balances; bank accounts; retirement plans; investments; debts, including credit cards, personal loans, and any non-marital claims; childcare and health insurance costs; monthly living expenses; business interests; household items; and, personal property. Failing to disclose assets or income can lead to serious consequences, including court sanctions, loss of credibility, or a later modification of your divorce judgment.
Completing the financial disclosure can be overwhelming, particularly if your spouse dealt with most of the finances during your marriage. Our team of experienced divorce attorneys based in Louisville, Kentucky understands the importance of getting these disclosures right the first time.