Divorce Fiduciary Audit™
Marital Fiduciary Audit™ | Community / Separate Property Fiduciary Audit™
When you need to know exactly what a BFD looks like, call McFid the Divorce Fiduciary Audit™ expert. BFD means breach of fiduciary duty.
Fiduciary duty, if any, is often 1) in addition to, 2) precedes 3) and supercedes Suitability and may arise at any time, affect any account or any asset.
Divorce Fiduciary Audit™ may be useful in divorce, when planning marital property division or contemplating divorce. When one or both spouses are (or were) self employed / 1099 income, operate a business, family or closely-held business, partnership, LLP, LLC or work as creative talent such as musicians, artists, writers, directors, production companies / loan out companies, producers and CPAs, business managers, agents, lawyers or other professionals like doctors, dentists, veterinarians, therapists.
Divorce Fiduciary Audit™ evaluates community and/or separate property accounts and assets which may require a fiduciary duty whether by a spouse or third party like a custodian, bank, trust company, investment adviser, securities broker or hedge fund. If breach of fiduciary duty has occurred, community assets or separate property may be impaired.
Trusts are similar to ERISA plans, exist to serve first the interests of beneficiaries or plan participants often including the spouse, children and/or other dependents and increasingly charitable, not for profit, 501c-3 beneficiaries as part of a spouse's overall estate plan.
Connections to marital property bear investigation when a spouse acts or is named trustee of a family trust, an ERISA (defined benefit pension, profit sharing, 401k), 403b, 457 plan, union, collective bargaining, multi-employer, Taft Hartley or public (State, County, city or agency thereof) pension and retirement benefit or supplemental benefit and welfare plan.
