Each party has legal obligations in a Carlsbad divorce and it is important to understand these “duties” to one another. Prior to and during the divorce both spouses share a “fiduciary” duty to one another. The legal term “fiduciary” means having the power, authority and obligation to act in another’s best interests requiring honesty and good faith. Therefore, spouses are required by California family law to act in a fair way without taking advantage of the other until their divorce is finalized.
One direct fiduciary duty is the obligation to fully disclose all financial dealings and information to one another. The “Declarations of Disclosure” must completely and transparently provide a thorough and accurate picture of where each party stands financially. If either has established an outside bank account or credit card the other was unaware of, or run up the balance to purchase items unknown to the other party it must be fully disclosed (even if it is just in the name of the person making the disclosure).
The Declarations of Disclosure include all income, business ownership interests, assets, investments, retirement accounts or pensions, expenses, debts, and liabilities. These Declarations must be signed under oath affirming you have provided your former spouse a Schedule of Assets and Debts as well as the Income and Expense Declaration. This information is the basis for a fair and equitable division of assets and debts known as “community property.”
Each party has legal obligations in a Carlsbad divorce to protect assets and help to level the playing field. The experienced Carlsbad divorce and Certified Family Law Specialists at Burke & Domercq work to ensure our clients understand these responsibilities and make a full and transparent disclosure. We carefully review the other party’s Disclosures and analyze them for information that is missing or purposefully hidden. Carlsbad Family Law Judges will punish a party for failing to fully disclose income, assets or debts and failure to uphold the fiduciary duty owed to a former spouse.
If you are concerned that your former spouse is not forthrightly disclosing their complete financial picture, or may be attempting to hide or prevent access to important financial, investment or debt related information you need the advice and representation of the experienced and proven attorneys at Burke & Domercq. We invite you to contact us or call 760-434-3330 to learn more or schedule an appointment.