Are you aware of your fiduciary duties in a San Diego divorce? It may surprise you to learn about the powerful legal obligation you owe to your former spouse until the date your divorce is finalized.
A “fiduciary duty” under California law is a substantial legal obligation requiring you to act in the other party’s best interest. The fiduciary duties in a San Diego divorce
So, just because you’re getting a divorce doesn’t mean it is better to conceal things, shade the truth a bit or try to deceive your soon-to-be former spouse. This can cause substantial damage to your own case resulting in harsh sanctions from the Court. While “sanctions” usually translate to “a substantial amount of money,” in the context of a divorce sanctions have literally cost former spouses winning lottery tickets, their businesses and/or a large portion of their share of community property.
Your fiduciary duties in a San Diego divorce require a full, accurate and transparent disclosure of all assets and debts (regardless of who is on title or named on the account) at the outset of the divorce. This is part of the initial financial disclosures.
You must maintain the “highest good faith and fair dealing” when making these disclosures and throughout the course of your divorce. Under California Family Law this obligation literally means neither formers spouse shall take any unfair advantage of the other. You are required by California Law to make a full disclosure of all “material facts and information” regarding the “existence, valuation and characterization” of any debt or asset in which there is a potential community property interest. In addition you must provide access to all supporting documentation, records, books, or data associated with community property (assets or debts) when requested.
You should be fully aware of your fiduciary duties in a San Diego divorce in order to protect your goals and objectives. Protect your own interests and contact us or call 760-434-3330 to schedule an appointment for a remote or socially distanced consultation with one of our experienced Certified Family Law Specialists.