Similarly, California law places a fiduciary duty on each spouse to act in the best interest of the other spouse. California Family Code § 721 explains that spouses have “a duty of the highest good faith and fair dealing” with each other and that “neither shall take any unfair advantage of the other.” This fiduciary duty includes three core components: (1) allowing access to records of financial transactions; (2) providing accurate and complete information about community property transactions; and (3) treating benefits and profits from certain community property transactions fairly and accounting to the other spouse for them.
In addition, California law provides a duty of full disclosure regarding all community assets. The duty applies during the period of marriage and after the parties separate, until the item is divided by the court or the parties. Indeed, the California laws regarding divorce provide a formal method by which the assets and liabilities of each party are disclosed to the other.
What happens if one spouse does not perform his or her fiduciary duties? The failure to perform these duties is a called a “breach,” and the law sets forth what happens when there is a breach. The consequence that is imposed depends upon the seriousness of the breach and the view of the family court.
Examples of ways that parties may breach their fiduciary duties include hiding assets or transferring assets to try to deprive the other spouse of any interest in them. The law provides several remedies, or consequences, for a breach of spousal fiduciary duties, including the following:
- A court-ordered accounting and determination of rights of ownership;
- The placement of the name of a party on the title of an asset;
- An award of either 50% of an undisclosed or transferred asset or of an amount of money to compensate the injured party for the loss of interest in that asset; and
- Attorney’s fees and court costs.
Breach of the spousal fiduciary duty is serious wrongdoing. If you are concerned that your spouse may be attempting to hide or minimize assets, you need an aggressive lawyer who will fight on your behalf. The attorneys at the Law Offices of Judy L. Burger have extensive experience in contested divorce and property proceedings. Call today to learn how our attorneys can protect your property interests as you go through this difficult time: (415) 293-8314.
Some divorces can be accomplished in what seems like a blink of the eye. Oftentimes, a young couple without children or assets to speak of simply needs to sign a few legal documents to go their separate ways. But as years go by and marriages get longer, divorces get more complicated as children are born and assets are accumulated.
Such was the case with Frank and Jamie McCourt. At the time of their divorce, Frank was the owner of the Los Angeles Dodgers. In determining Jamie’s stake in the family assets, Frank estimated the value of marital assets, including the Dodgers franchise, at roughly $300 million.
Eventually, the divorce was finalized in October of 2011and Jamie was awarded $131 million. Not exactly half, but not too shabby, either.
A mere six monthly later, however, Frank sold the Dodgers franchise for a whopping $2.15 billion. (That’s right, billion with a ‘B’). Jamie promptly took Frank back to court, feeling she had been cheated out of her fair share. Among other things, Jamie alleged that Frank grossly undervalued the business.
Situations like this are not uncommon, particularly when the marital assets include a business. An experienced and pragmatic divorce attorney understands the importance of a fair business valuation conducted by a qualified expert. Be sure your attorney is prepared with the facts so you can get your fair share the first time around.
If you feel like your spouse took you to the cleaners in your divorce, before giving up, consider your options for taking your ex back to court. At the 
In the much-publicized divorce of Katie Holmes and Tom Cruise, the tabloids found dozens of opportunities to photograph each parent out and about with their daughter Suri. It’s possible they were simply going about their daily lives while being hounded by the paparazzi, but it is just as likely the soon-to-be-divorced parents were trying to build their respective cases for custody.
When a marriage falls apart, the children of the relationship are caught in the middle. Parents often overlook the negative effect of their verbal sparring on the children. Courts, on the other hand, are not prone to overlook a parent’s bad behavior while the children are present.
Just as parents take measures to protect their children from negative outside influences, parents in the midst of a divorce have a duty to protect their children as much as possible. The children’s lives are going to change, but that doesn’t mean the children should be privy to all dirty laundry.
The details of a divorce should only be shared with children to the extent warranted by each child’s mental and emotional maturity level, and never in a manner reasonably expected to cause the child to harbor ill will for the other parent.
In our experience, children are flexible, adaptable, and perceptive. They may appear to be largely unaffected by your divorce, when in fact they have many questions they are simply afraid to ask. Counseling is often recommended after a divorce to help children process the break up of their parents and learn to deal with their conflicting emotions in a healthy way.
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It is not unusual for couples seeking a divorce to be unable to reach an agreement on various issues, such as child custody to the division of assets and liabilities. While one spouse may have no interest in compromising on a particular issue, the other spouse may be anxious to move on. In some cases, it may be appropriate to ask the court for a “bifurcation” of marital status. What this means is that the court will address the issue of your marital status while postponing resolution of the remaining issues.
Though bifurcation is possible, it is rare. Courts are reluctant to bifurcate divorce cases for two reasons. First, they generally prefer to handle each case as a whole. California courts are heavily burdened as it is, and splitting one case into two inevitably creates more work.
The second reason courts are reluctant to bifurcate divorce cases is that once a marriage has been dissolved, one or both parties may lose motivation to work out the other issues.
Nonetheless, bifurcation is granted in rare circumstances, such as when a spouse is expecting a child conceived outside the existing marriage. In that situation, bifurcation may lead to a quicker judgment of divorce, allowing the expectant mother or father to marry the other parent prior to the child’s birth.
If bifurcation is appropriate in your situation, seek the help of an experienced California divorce lawyer.
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