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What Does it Mean to Have a Fiduciary Responsibility to Your Spouse?

What is a Fiducuary?

A fiduciary relationship is defined as:
“ where one person places complete confidence in another in regard to a particular transaction or one's general affairs or business. The relationship is not necessarily formally or legally established as in a declaration of trust, but can be one of moral or personal responsibility, due to the superior knowledge and training of the fiduciary as compared to the one whose affairs the fiduciary is handling.”

https://dictionary.law.com/Default.aspx?selected=745

There are some relationships that the law recognizes as being completely open and honest.  There is the famous example of Lawyer-Client privilege.  In order for a lawyer to be able to completely and honestly represent their client, there is a relationship there that the law cannot penetrate.  It gives the lawyer and the client the ability to be completely open and honest without fear of legal retribution.

Married couples also have a fiduciary responsibility to each other to be completely open and honest with each other.  This responsibility extends even when the couple is placed in an adversarial position from each other, whether it is while negotiating terms of a postnuptial agreement or even during a divorce procedure.

The fiduciary responsibility does not mean that you have to sacrifice your own rights for those of your spouse or your soon to be ex-spouse.  It does mean that during any discussion of assets, finances or any details related to the marriage or negotiations, there is an expectation that each spouse is being completely forthcoming, open and honest in their declarations.

If, at any point, a prenuptial or postnuptial agreement is challenged in court and the judge determines that the agreement is one-sided or the spouse has not completely lived up to their fiduciary responsibility, the agreement can be deemed void.  

Having a fiduciary relationship is a serious responsibility.  If it is violated, the consequences can be serious.

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DIVORCE/CHILD CUSTODY/CHILD VISITATION/CHILD SUPPORT/SPOUSAL SUPPORT/PERSONAL PROPERTY AND REAL PROPERTY DIVISION/CONTEMPT/MODIFICATIONS/DCSS/COURT APPEARANCES/PRIVATE SETTLEMENT JUDGE/EX PARTE MOTIONS/DOMESTIC VIOLENCE/RESTRAINING ORDERS/BUSINESS MATTERS/CONSULTING ATTORNEY IN MEDIATION/ REGISTERED DOMESTIC PARTNERS (RDP) AND SAME SEX MARRIAGES
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  • Home
  • PRACTICE AREAS
    • Divorce
    • Spousal Support
    • Child Support
    • Child Custody
    • Visitation
    • Complex High Asset Divorce
    • Contempt of Court
    • Paternity
    • Mediation Coaching
    • Alternative Dispute Resolution - Mediation and Collaborative Divorce
    • Parenting Coordination
  • Bio
    • Certified Family Law Specialist
    • What to Expect
  • Blog
  • FAQ
    • What does the area of Family Law cover?
    • Things To Do After a Divorce is Finalized
    • Annulment
    • Attorney Fee Awards in California
    • Community Property
    • Difference Between Guardianship and Adoption
    • Difference Between Marriage and Domestic Partnership
    • Difference Between Physical and Legal Custody
    • Divorce Process in California
    • Domestic Violence
    • Go to Court for Spousal or Child Support
    • Legal Grounds for Divorce in California
    • “Move Away” After Divorce
    • No Fault Divorce
    • Parenting Plan
    • Residency Requirements for a Divorce in California
    • Summary Dissolution
    • Supervised Visitation
    • The impact of the Tax Cuts and Jobs Act (TCJA) of 2017 on Divorce
    • What does it mean to have a fiduciary relationship to your spouse?
  • Resources
  • Contact