What does "full and frank disclosure" require in financial law?

"Full and frank disclosure" in financial law mandates that individuals provide complete transparency regarding all relevant financial information when required, particularly in legal proceedings such as divorce settlements or bankruptcy cases. This principle is rooted in the idea that all parties involved need access to an accurate understanding of financial circumstances to ensure fair outcomes.

Disclosure should encompass all assets, liabilities, income, and any other pertinent financial details that could influence decision-making or legal judgments. The purpose of this requirement is to prevent dishonesty or hiding of information that could materially affect the outcome of financial settlements or court decisions. Therefore, providing only partial information or limiting disclosures to specific gains or circumstances would undermine the integrity of the legal process and could lead to unjust results.