§7.07 Fiduciary Duty Regarding Interspousal Transactions

In transactions between themselves, spouses are subject to the general rules governing fiduciary relationships that control the actions of persons occupying confidential relations with each other. This confidential relationship imposes a duty of the highest good faith and fair dealing on each spouse, and neither may take any unfair advantage of the other. [FC §721(b).]

This confidential relationship is a fiduciary relationship subject to the same rights and duties of nonmarital business partners. [See Corp C §§16403, 16404, 16503.] These rights and duties include, but are not limited to, the following [FC §721(b)]:

• To provide the other spouse access at all times to any books kept regarding a transaction for inspection and copying.
• On request, to render true and full information of all things affecting any transaction that concerns the community property. This requirement, however, does not impose a duty to keep detailed books and records of community property transactions.
• To account to the other spouse, and to hold as a trustee, any benefit or profit derived from any transaction without the other spouse's consent that concerns the community property.