Breach of Fiduciary Duty

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Property division upon divorce can be both complex and contentious. Parties often attempt to conceal, liquidate, or misrepresent the value of disputed or marital assets before or during the divorce. Financial disclosure is required by California law as a part of dissolution of marriage. Refusal to be completely forthright about property may constitute a breach of fiduciary duty toward the other spouse which may result in severe penalties.

The divorce practice at Phillips, Lerner, Lauzon & Jamra in Los Angeles is founded upon years of practical experience and emphasizes a client-focused approach. In the course of representing numerous celebrities, athletes, high-asset individuals, and other clients throughout Southern California, PLLJ’s attorneys have encountered almost every legal issue related to divorce. The firm has substantial experience discovering and exposing spousal breach of fiduciary duty and obtaining appropriate compensation for clients.

California state law requires that both parties participate openly in the discovery process and places a legal duty on each party to disclose all assets and liabilities to the other party, regardless of whether the assets are thought to be separate or community property. Failure to do so can result in substantial penalties, including the loss of an entire asset that might have been equally divided.

For example, founding partner Marc Lerner represented a man whose estranged wife won the lottery and plotted to hide the proceeds from her spouse. Finding a breach of fiduciary duty, the judge awarded the entire $1.6 million to Mr. Lerner’s client.

Phillips, Lerner, Lauzon & Jamra works with a consulting staff of forensic accountants and investigators who assist the firm’s lawyers in performing financial audits, property valuation, and funds tracing. The firm provides each client with an honest assessment of his or her situation and helps develop appropriate strategies for asset protection and equitable division.

In the event that one of the firm’s clients is accused of hiding assets, PLLJ assists in the resolution of the accusation, including thorough investigation, negotiation of appropriate agreements, or mediation, always focused upon maintaining client confidentiality and privacy.

To schedule a consultation, contact Phillips, Lerner, Lauzon & Jamra.