Be Wise With Your Finances
The issues can be difficult and complex when a couple is going through a divorce. One such issue that may arise during a divorce is a breach of fiduciary duty. A breach of fiduciary duty occurs when one spouse fails to act in their partner's best interest while still married. This breach can have profound financial implications for both parties involved, so it's essential to understand what it means and how it affects your case. In this blog, we will discuss a breach of fiduciary duty in divorce and why you should take it seriously if you think your former spouse has breached their fiduciary duties to you.
Unwise spending is one of the most common breaches of fiduciary duty in divorce. This occurs when one spouse, usually the primary income earner, uses funds for expenses unrelated to their marital responsibilities or does not benefit both parties. Examples include taking on large amounts of debt, making large purchases, or hiding assets.
Undermining the Family Business
Another breach of fiduciary duty in divorce is when one spouse deliberately undermines their partner or family business. This can include making decisions that could harm the company's finances, such as diverting funds to other uses or taking on unnecessary risks. This breach can result in a significant financial loss for both parties.
Another breach of fiduciary duty that is all too common in divorce proceedings is asset concealment. This occurs when one spouse attempts to hide assets or property from the other party by transferring titles, moving funds into offshore accounts, or deliberately not disclosing assets on financial disclosure forms. This breach can significantly harm the other spouse's ability to receive a fair and equitable portion of the marital assets.
Protect Your Rights
Understanding that a breach of fiduciary duty in divorce could have significant financial implications for both parties is essential. If you think your former spouse has breached their fiduciary duty to you, you should consult an experienced family law attorney who can advise you on how to proceed. They can help ensure your rights and financial interests are protected during a divorce.
Call a North Carolina Divorce Attorney
The breach of fiduciary duty in divorce can be a complicated issue, but it should not be taken lightly. Divorce issues can be complex, so it's crucial to work with an experienced family law attorney throughout the process.
At Blood Law, PLLC, our team can help you navigate divorce while protecting your financial rights. Learn more about how we can help with the many divorce issues or schedule a consultation by calling (704) 286-0570 or visiting our website.