Breach of Fiduciary Responsibilities
Especially in high net worth divorces, there can be complex financial issues. When one spouse may accidentally or purposefully omits assets or interests they may have breached their fiduciary duty to the process. If this has an impact on the other’s community property interest there can be consequences. This obligation for transparency extends from the start of the divorce until at which point all assets have been distributed or divided.
Transparently Protect Your Financial Interests
Fiduciary duty starts the day you are married and lasts through a divorce until all the assets are divided and distributed. In California and Michigan you must share decisions that impact community or marital property, make efforts to not intentionally or accidentally mismanage assets, be forthcoming with property and asset information and avoid financial competition with your spouse. You must report any major financial events, for example changes to mortgages, tax liabilities, offers for purchase of investments, retirement funds, lawsuits of businesses and/or adjustments of employment status.
Know the Penalties for Wrongful Actions
If you or your spouse fail to comply with the local fiduciary responsibilities there are consequences. Let us know, as there are motions that can be filed in both states to request attorney fees, monetary penalties, and in the case of fraud or malice more than 50% of the assets.
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The Tenacious
Law Firm
CMC attorneys have divorce, modifications, custody, prenuptial agreements, estate, corporate and venture capital experience. At the core of our principles we believe it’s important to protect, love and guide people.
