Breach of Fiduciary Duty
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What is a breach of fiduciary duty?
You get an invoice in the mail. It looks like a bill from a doctor whose name you don’t recognize. When you ask your spouse about it, he or she acts evasive and says don’t worry about it. Has this ever happened to you? Or how about this: you get a late notice from the post office regarding a p.o. box you didn’t know existed. What’s going on?
When a spouse directs financial transactions for the purpose of benefitting only that spouse, whether during marriage or after the couple splits up, that conduct may be a breach of fiduciary duty. In marriage and even up until the parties’ assets have actually been physically divided by agreement or court order, the parties owe each other the highest duty of care and fair dealing, just like business partners. This means you may have a claim for reimbursement if your spouse has played “hide the ball” with your finances or has otherwise been financially negligent to your detriment.
Examples include gambling losses/gains, money spent on extramarital affairs, buying and selling property without your knowledge, or even throwing good money at a bad investment. A Burbank family law attorney can help answer your questions about breaches of fiduciary duty.