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fiduciary duty refers to the responsibility of each partner to act in good faith in matters affecting marriage or other partners, and not looking for an unfair personal advantage. It is intended to prevent one spouse-partner-manager usually take advantage of a dependent spouse who may be unaware of certain transactions in financial instruments and property assets. In some cases, a spouse can be held accountable for unintentional violations of fiduciary obligations.
In many cases refers to financial matters where one spouse may act in a way that benefits him or her more than other partners. For example, if one spouse uses their own individual his or her assets in a transaction that gives them much benefit can be asked why community assets (acquired after marriage) was not used to provide benefit to both parties.
If one party (usually the party controls) has benefited business more than the other, giving him or her a fool, laws are in place that will effectively assume the transaction was not made in good faith and business can even considered invalid. Both partners must have access to the books and both can find information on all transactions that affect the community property. If the transaction partner benefits more than the other, may set aside the divorce. The spouse receiving the advantage will be the burden of proving in court that the transaction should not be set aside.
spouse who did not benefit from certain transactions may be entitled to half of the value of the property including legal fees incurred as a result. What’s more, with both intentional and accidental breaches of fiduciary duties. In some cases, any value may be awarded to a spouse who does not benefit if the spouse is deemed to have deliberately defrauded spouse.
With the possible penalties spouse benefiting at the expense of a spouse whether intentionally or unintentionally, it is easy to see why a lawyer is so valuable, not only in divorce proceedings, but when all transactions that may affect community property, or even unique property. Dependent spouses should try to be aware of all the transactions that have taken place. An experienced marital property attorney will help to uncover all the transactions that have taken place without their client to be aware.
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