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What Are Spousal Fiduciary Duties?

Fiduciary duties are known as the legal relationship between two parties. This requires that each person involved in a fiduciary relationship act with a high standard of care, with good faith, loyalty, and in each party's best interest when involved with one another. In a marriage, both spouses owe fiduciary duty to one another.

Spousal Fiduciary Duties

In a community property state such as California, each spouse in a marriage is awarded full management and control of their marital property. In the event that a couple divorces, they must reveal all the facts and information involving both community property and debts they have incurred. Additionally, each spouse has a fair opportunity to access the information related to the value of the property and debt.

According to California law, spouses must:

  • Provide any access to books concerning financial transactions to inspect and copy information;
  • Provide true and complete information amount any transactions made with community property; and
  • Inform the other spouse of any profits made from transactions concerning community property.

If any action is made for the financial benefit of one spouse without accounting for the other, the transaction is said to be made in undue influence and can be fought in a court of law.

If one spouse does not fulfill their spousal fiduciary duty to the other, they impair their interest to this mutual property. This can be done when one spouse hides an asset or intentionally devalues property for the sake of depriving the other spouse. Whether or not this has occurred only once or many times over the course of the divorce, the spouse hiding assets can have legal action taken against them.

When you are getting divorced, you need to know that your attorney is keeping your best financial interests in mind. Working with the family law attorneys at The Law Offices of Marc E. Mitzner can provide you with compassionate advocates that are committed to your case.

Start your divorce on the right foot by contacting our firm for a free case evaluation

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