Somps v. Somps

58 Cal. Rptr. 304 (1967)

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Nature of the Case

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Facts

H and W were married on April 28, 1954, and lived together until April of 1963, the date of commencement of this divorce proceeding. W had three children by a prior marriage who were subsequently adopted by H. The parties had three children by this marriage. Prior to marriage, W had no financial assets. Husband had a 50 percent partnership interest in an engineering business which had been in existence for a period of one year. H also had some cash and stocks. The divorce decree awarded the business and certain other assets to H as his separate property. It declared a $15,000 indebtedness to First Valley Bank to be a community indebtedness. An accumulation of cash from H's earnings from the business was allocated as 60 percent separate property of H and 40 percent community property. Community property was evaluated at approximately $463,000. This property was awarded 50/50. W's total award amounted to approximately $250,000. H with two others purchased and sold a parcel of property known as the Binkley property. H in purchasing the property used $5,000 received from the sale of stock, which was his separate property and $8,000, which he borrowed from a bank on his note. The banker testified that he made the loan on H's credit. W contends that H breached a fiduciary duty in not using available community funds for the investment. The court said no. W appealed.