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| Name | Fiduciary Duty During A Marriage | What Happens If There Is A Violation | Richard Ross Associates |
| Video Uploader | Video From Richard Ross Associates |
| Upload Date | This Video Uploaded At 16-02-2018 20:12:13 |
| Video Discription | http://www.richardrossassociates.com/ Fiduciary Duty During A Marriage And What Happens If There Is A Violation - Richard Ross Associat Subscribe to our podcast: https://itunes.apple.com/us/podcast/richard-ross-associates-podcast/id1346869406 YouTube Channel - https://www.youtube.com/user/RRAFamilyLaw During a marriage, and until a divorce is finalized, each spouse is required to comply with the highest level of fiduciary duty to each other. This obligation is the highest standard of care and is considered to be on the same level as the duty owed from a doctor to a patient or an attorney to a client. Simply put, fiduciary duty is the assumed trust between one spouse and the other that each are handling financial matters in the best interest of the spouse in addition to himself. The assumption is made that each spouse will act in good faith towards the other. This is especially relevant because in a marriage usually one spouse will assume control of the financial responsibilities of the household. That’s not to say that the other spouse is kept in the dark on financial matters, although that sometimes may be the case. Instead what usually happens is one spouse will take on the responsibility of managing the financial accounts and making sure the household bills are paid. This spouse may also bring financial document such as tax returns, credit card applications or loan paperwork to the other spouse to sign and sometimes that spouse may sign without actually reading the documents. The assumption of fiduciary duty has been made. Fulfilling these fiduciary duties means not only responsibly managing tem throughout a marriage but also properly disclosing all assets and debts on the Preliminary Declaration of Disclosure which must be filed by each party after the Petition for Divorce has been filed and served. Failure to disclose an asset or a debt could lead to a case being reopened and possibly having part of, or the entire, judgment overturned. A good cautionary tale of what might happen if there is a breach of fiduciary duty can be found in the 201 case Marriage of Rossi where the husband became aware that the wife had won the lottery through a letter he received in the mail. Upon bringing the letter to his attorney and subsequently confirming the wife had in fact won the lottery which she failed to disclose during the divorce proceedings, the husband filed a motion with the court that there had been a breach of fiduciary duty and the husband requested that he receive the full amount of the lottery winnings instead of just the half that would have rightfully been his. The judge found this to be an egregious breach of fiduciary duty and awarded the entire amount of lottery winnings to the husband. Marriage of Rossi teaches the importance of proper disclosures and it is always recommended that a party disclose as much information as possible during the divorce process. Certified Family Law Specialist Richard Ian Ross has been practicing Family Law in California for almost 40 years where he has relied heavily on his background in psychology and interpersonal relations to consistently deliver exceptional results on behalf of his clients in all family law matters including divorce, child custody, move-away, asset protection, support and other domestic matters. Richard has built his firm, Richard Ross Associates, based on this experience and prides himself on building a team of knowledgeable colleagues who will do the same. Materials on http://rrafamilylaw.com (the “website”) or by extension any social media channels such as Facebook, YouTube, Twitter, or LinkedIn, have been prepared by Richard Ross Associates (also referred to herein as “we” or “us” or “our”) for general informational purposes only and do not constitute, and should not be interpreted to constitute, advertising, a solicitation, or legal advice. Transmission of the materials and information contained herein is not intended to create, and receipt thereof does not constitute formation of, an attorney-client relationship. Information on this website is not a substitute for obtaining legal advice from a licensed attorney in your state. |
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