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Do Ask, Do Tell: California's Spousal Fiduciary Duty And Financial Disclosure Obligations, Lauren Rakow

Loyola of Los Angeles Law Review

This Note explores the inconsistencies between the Family Code and the Corporations Code about whether spouses are required to disclose material information. These inconsistencies have created uncertainty regarding what financial information must be disclosed between spouses, and whether it must be disclosed “upon request” or “without demand.” The Note first analyzes the history of both Family Code Section 721 and Corporations Code Sections 16403, 16404, and 16405 to better understand the uncertainty, and offers a solution to remedy the statutory inconsistencies. The Note concludes that in order to eliminate this uncertainty, the California legislature should amend Family Code Section 721 …