Are you aware of your fiduciary duties in a Louisville divorce? It may surprise you to learn about the powerful legal obligation you owe to your former spouse until the date your divorce is finalized.
A “fiduciary duty” under Kentucky law is a substantial legal obligation requiring you to act in the other party’s best interest. The fiduciary duties in a Louisville divorce
So, just because you’re getting a divorce doesn’t mean it is better to conceal things, shade the truth a bit or try to deceive your soon-to-be former spouse. This can cause substantial damage to your own case resulting in harsh sanctions from the Court. While “sanctions” usually translate to “a substantial amount of money,” in the context of a divorce sanctions have literally cost former spouses winning lottery tickets, their businesses and/or a large portion of their share of marital property.
Your fiduciary duties in a Louisville divorce require a full, accurate and transparent disclosure of all assets and debts (regardless of who is on title or named on the account) at the outset of the divorce. This is part of the initial financial disclosures.
You must maintain the “highest good faith and fair dealing” when making these disclosures and throughout the course of your divorce. Under Kentucky Family Law this obligation literally means neither former spouse shall take any unfair advantage of the other. You are required by Kentucky Law to make a full disclosure of all “material facts and information” regarding the “existence, valuation and characterization” of any debt or asset in which there is a potential marital property interest. In addition you must provide access to all supporting documentation, records, books, or data associated with marital property (assets or debts) when requested.
You should be fully aware of your fiduciary duties in a Louisville divorce in order to protect your own goals, objectives and best interests. We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
