The term -fiduciary duty- originates from the Latin term fiduciarius meaning -(holding) in trust-, and defines an ethical relationship of trust or confidence between two or more parties. Two people who enter a marriage contract or partnership are entering a fiduciary duty to treat the other partner fairly. Each member of the fiduciary relationship is required to show a duty of loyalty, a duty of obedience, a duty of care and lastly a duty of disclosure to other members.
If your spouse has engaged in financial transactions without your knowledge that did not benefit you at all, you may be the victim a breach of fiduciary duty. When one spouse decides to make financial purchases that are only to the benefit of their own interests, the other spouse may be left in the dark about the family’s finances. Some of the most common examples of a breach of fiduciary duty in a marriage or partnership include giving substantial gifts without the consent of one spouse or gambling debts.
Investigating the possibility of a breach of fiduciary duty in marriage is a recent development in family law that has grown in popularity over the last couple years. If your partner is hiding assets, faking business trips or purchasing property without you, you have a legal right to be concerned. Both members of a marriage or partnership are held to a duty of loyalty, which means they must refrain from adverse dealings with their spouse or partner and must share benefits derived from the partnership’s property or assets. In addition, both members are also held to a duty of care so that they cannot commit gross negligence, intentional misconduct, reckless conduct or a knowing legal violation against the other member. Without these duties in place, the members of a marriage or partnership could misrepresent the facts or distribute the partnership’s property without the consent of the other partner. In the past, the courts held that husbands owe their wives fiduciary duties based on the husbands’ exclusive right to control the family finances. However, both the husbands and the wives in contemporary marriages have the right to manage community property and each spouse is a fiduciary to the other. If you suspect that your fiduciary duties have been breached or if you have been accused of breaching fiduciary duties, a Glendale divorce attorney can provide you with knowledgeable legal counsel and guidance as to how to proceed. You might need to take legal action to protect your assets and your property, so call a talented attorney about your case today.
If you are looking for a legal advocate who will be committed to your divorce or family law case, look to the lawyers at the Law Offices of Thomas L. Simpson. The firm is highly experienced in all areas of family law and provides high-quality legal counsel and support for individuals and families throughout the greater Glendale area. An experienced Glendale family attorney from the firm can represent you in both the prosecution and defense of breach of fiduciary duty claims.
Mr. Simpson, the firm’s founding attorney, has won a breach of fiduciary case in an amount of over $3,500,000 on the behalf of a client, and he can help you too. With over 35 years of family law experience, the dedicated legal team at the Law Offices of Thomas L. Simpson is here to serve you! Contact a Glendale family lawyer at the firm today to schedule a consultation, and learn more at http://www.simpsonfamilylaw.com/.