In fact, the duty to fully disclose financial transactions includes both, marital and separate property income, expenses, assets, liabilities and investment opportunities.Ĭalifornia’s community property laws view marriage as a partnership and just as partners in a business have rights and duties to one another, so do those in marital ones. It also requires spouses to act in the best interest of the couple as a whole, and not merely for self.įor example, if a spouse makes an investment using separate property rather than marital property, especially a winning investment, questions may arise concerning the choice not to invest joint funds. Saying “I do” creates a legal relationship between married couples, which includes the right and duty to be forthright and honest with each other in all financial dealings affecting either spouse. The reality is that disclosure begets trust, nondisclosure leads to mistrust, and often results in divorce.įiduciary duties arise out of the very act of getting married. Yet, no matter how one rationalizes their conduct, spouses and domestic partners may find themselves in the midst of legal problems even if they are not getting a divorce.
Spouses keep these financial secrets from one another for a variety of reasons, including control, insecurity, and punishment, to mention a few. Many spouses may be startled to know that they could be saddled with their spouse’s hidden credit card debt or lose their secret savings account if not disclosed to the other. Specifically, open, honest communication is an absolute must. Today, marriage is as much a business contract as it is a love relationship, and in the case of fiduciary duties, what couples do and don’t do matters. Financial Infidelity: Love, Honor and Disclose: Tips to Run Marriage like a Company
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