Fiduciary Duties

Spouses have fiduciary duties to each other in transactions between themselves and in the management and control of their community property. This requires each spouse to act in good faith and to deal fairly with each other and for neither spouse to take any unfair advantage of the other. Indeed, the relationship between spouses is not unlike the relationship between nonmarital business partners, both relationships bestowing rights and imposing duties upon those in the relationship. These fiduciary duties even extend to management of the other spouse’s separate property and they continue after separation.

On the other hand, upon distribution of an asset after a dissolution, separation, or nullity, the fiduciary duties as to that asset terminate. These fiduciary duties manifest themselves in many ways. For example, in divorce actions, the parties have obligations to disclose their knowledge of the finances to the other party such as the party’s income, expenses, assets and debts. When a breach of these duties occur, there are penalties and other consequences that may befall the violator.

There are many ways to obtain assistance through this process. There are self-help clinics, non-profit organizations, private attorneys, tax-payer based family law services, mental health professionals, mediators, arbitrators, parenting coaches, accountants, friends, family, internet resources, books, periodicals, State Bar of California resources, document preparers, school officials, and law enforcement agencies.

We are private attorneys and we are a boutique family law and litigation firm in Sherman Oaks, California serving clients from border to border. We appear both in state and federal courts. We are appear in both trial courts and appellate courts. Should you wish our assistance, please call us. We would be honored to help you.