Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: yhiaali3 on October 15, 2024, 06:53:12 AM
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I wrote this topic on BTT and wanted to share it here too because it's funny.
Married couples in South Korea can now divide cryptocurrency holdings during divorce proceedings, according to a law firm specializing in the country’s legal system.
South Korean law firm IPG Legal clarified the law regarding cryptocurrencies during divorce cases. Responding to questions from clients, the firm said that under South Korean law, both tangible and intangible assets can be divided during a divorce:
“Under Article 839-2 of the Korean Civil Act, either spouse may request a division of marital assets accumulated during the marriage upon the divorce in Korea.”
The firm pointed to a 2018 ruling by South Korea’s Supreme Court that confirmed cryptocurrency and virtual assets are considered property due to their economic value as intangible assets.
https://cointelegraph.com/news/south-korean-courts-crypto-assets-divorce-bitcoin
As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
So who wants to marry a Korean woman after today? :-[
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
What I know about this is that cryptocurrencies are seen as an asset that can be used in divorce settlement. In South Korea, properties acquired after couple married are the ones that would be used for divorce settlement and not the one before or after.
This will make you understand more about it:
Under Korean family law, assets and debts accrued during the marriage are typically considered as belonging to the marital community, while assets and debts acquired pre-marriage or post- separation are considered separate property and usually remain with the respective spouse.
Which means that any property that the husband or wife has before and after divorce will not be used in divorce settlement.
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well? So who wants to marry a Korean woman after today? :-[
Using common sense and my limited legal understanding, I think that law is only covering any cryptocurrency acquired during the marriage so if you are a Korean and still single make sure you get as many crypto as you can today. Anyway, this is quite expected and I am sure that many nations will soon be following this idea. Of course, since crypto can be done privately, it might not be so easy to determine if one is owning some crypto at all. I am curious how they would be implementing this law but this is a big recognition of slowly but surely our society is waking up to the reality that cryptocurrency can be here to stay and will even expand for more.
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This will make you understand more about it:
Under Korean family law, assets and debts accrued during the marriage are typically considered as belonging to the marital community, while assets and debts acquired pre-marriage or post- separation are considered separate property and usually remain with the respective spouse.
Which means that any property that the husband or wife has before and after divorce will not be used in divorce settlement.
Thanks for the link, this is a little better at least the husband or wife will keep his crypto assets that he or she acquired before marriage and they will not be shared with the other partner in case of divorce.
This is good because in some European countries the laws force the husband to give up half of his or her entire assets to the wife upon divorce.
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I wrote this topic on BTT and wanted to share it here too because it's funny.
Married couples in South Korea can now divide cryptocurrency holdings during divorce proceedings, according to a law firm specializing in the country’s legal system.
South Korean law firm IPG Legal clarified the law regarding cryptocurrencies during divorce cases. Responding to questions from clients, the firm said that under South Korean law, both tangible and intangible assets can be divided during a divorce:
“Under Article 839-2 of the Korean Civil Act, either spouse may request a division of marital assets accumulated during the marriage upon the divorce in Korea.”
The firm pointed to a 2018 ruling by South Korea’s Supreme Court that confirmed cryptocurrency and virtual assets are considered property due to their economic value as intangible assets.
https://cointelegraph.com/news/south-korean-courts-crypto-assets-divorce-bitcoin
As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
So who wants to marry a Korean woman after today? :-[
Even an asset that is meant to be decentralized and used with ultimate privacy now could be publicly shred between two lovers having connections with each other, well i may not have to say much concerning this because we cant decide for them, since we are not there when they first started, but if it were to be on a random occasion, you may hardly find this kind of condition seen with the couples.
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they can only divide the crypto assets that are declared. they will need a lot of tracking to learn all the crypto assets the husband hasn't declared. and now that his law is already created, i think the men are really going to be hiding what memecoins they ever have. probably sending them to the newly generated wallet ;D
This will make you understand more about it:
Under Korean family law, assets and debts accrued during the marriage are typically considered as belonging to the marital community, while assets and debts acquired pre-marriage or post- separation are considered separate property and usually remain with the respective spouse.
Which means that any property that the husband or wife has before and after divorce will not be used in divorce settlement.
Thanks for the link, this is a little better at least the husband or wife will keep his crypto assets that he or she acquired before marriage and they will not be shared with the other partner in case of divorce.
This is good because in some European countries the laws force the husband to give up half of his or her entire assets to the wife upon divorce.
almost like a prenuptial agreement. having a wife is costly.
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they can only divide the crypto assets that are declared. they will need a lot of tracking to learn all the crypto assets the husband hasn't declared. and now that his law is already created, i think the men are really going to be hiding what memecoins they ever have. probably sending them to the newly generated wallet ;D
Women are naturally talkative so they might expose a husband who hides some of his crypto assets from the eyes of the government, and now this law has come. So now we will find many husbands who are overly private and hide their assets from their wives so that they do not face such a situation.
This is a big lesson that a husband should keep his mouth shut in front of his wife :-X
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
mate don’t you know about conjugal property? it means that any asset acquired during the marriage is owned by both husband and wife and any asset acquired before marriage will be exclusive to whoever owns it and will not be part of conjugal property so why would it be divided upon divorce when it never belonged to both of them?
So who wants to marry a Korean woman after today? :-[
isn’t this law implemented in a lot of other countries??? this kind of protocol is not exclusive to korea but the recognition of crypto is so far in my country there is no clear stance yet between crypto but anyway i think it’s good that the government is recognizing crypto regardless of the context which is divorce in this case
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
We don't have a divorce here in our country yet, but if ever there will be, we could have the same ruling. Cryptocurrency is considered by many as a virtual asset that can be converted into a tangible asset; all countries with divorce will likely adopt this, but if the other party is good at keeping his cryptocurrency, many will wonder how they are going to trace it. Compared to physical assets, you can trace your partner's assets.
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So who wants to marry a Korean woman after today? :-[
isn’t this law implemented in a lot of other countries??? this kind of protocol is not exclusive to korea but the recognition of crypto is so far in my country there is no clear stance yet between crypto but anyway i think it’s good that the government is recognizing crypto regardless of the context which is divorce in this case
No, this law is not applied in all countries. Here in my country, for example, and in all Islamic countries, there is no division of property between spouses after divorce.
According to Islamic law, the wife receives alimony and an amount of money that was agreed upon before marriage, and no personal property is divided between the husband and the wife after divorce.
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Makes sense, if you and your spouse collect crypto together and its under one of your name and not the other, than there should be a sharing of the crypto you got together. There is the fact that people do pay their spouse in a divorce situation, its called alimony, and in majority of the cases the men pay the women. So we can't be really shocked if fiat is shared and paid, then why wouldn't the crypto be as well? We are so used to it, we heard a lot of divorces where the house, the kids, the car, and monthly payments to wife who divorces, so why not crypto as well. I am definitely not saying its fair, in most cases quite unfair, but at least we can't say we are not shocked.
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South Korean married individuals may start hiding their cryptocurrency holdings from their spouses, in case they ever divorce in future, they may not have to declare it as property acquired when the both of them were together. I don't think the law is wrong, especially in places that already have the law of dividing properties in divorce settlements.
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
So who wants to marry a Korean woman after today? :-[
Haha I want to marry a Korean girl (not a woman) but if she has a lot of funds in crypto too because the rules say any of the spouses can ask for crypto funds division so you can marry a rich crypto investor girl and can ask for half of it and the girl can do the same. Now will girls marry such men, and men will give them a chance? In the same way,, will girls be given a chance as boys will give?
Gender equality is failed here, lol not targeting anyone personally, I have learned a lot about Korea and even learning their language for some reason I can't mention.
But to be honest, I thought this law was already in action, but I did not know each and every asset has to be mentioned in the law, like crypto assets as well.
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So who wants to marry a Korean woman after today? :-[
FWIW, the news actually said spouse which mean "A marriage partner; a husband or wife."[1]. So IMO we should extend the question into "So who wants to marry a Korean after today?". Anyway, they're doing good job if their goal is further reduce birth rate on their country.
[1] https://www.wordnik.com/words/spouse (https://www.wordnik.com/words/spouse)
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I still want to marry Nancy Momoland even if this law exist. It's got to be entertaining to see you have a Kpop kid.
Wives is entitled to get their fair share in a partnership so it must be what the law makers see to sign this law. It wouldn't be fair if a single mother has to start with nothing in her new life after a divorce. Imagine a woman with less chance to re-marry while at age 40. I don't think a company will still accept women to work for them at such age.
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I wrote this topic on BTT and wanted to share it here too because it's funny.
Married couples in South Korea can now divide cryptocurrency holdings during divorce proceedings, according to a law firm specializing in the country’s legal system.
South Korean law firm IPG Legal clarified the law regarding cryptocurrencies during divorce cases. Responding to questions from clients, the firm said that under South Korean law, both tangible and intangible assets can be divided during a divorce:
“Under Article 839-2 of the Korean Civil Act, either spouse may request a division of marital assets accumulated during the marriage upon the divorce in Korea.”
The firm pointed to a 2018 ruling by South Korea’s Supreme Court that confirmed cryptocurrency and virtual assets are considered property due to their economic value as intangible assets.
https://cointelegraph.com/news/south-korean-courts-crypto-assets-divorce-bitcoin
As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
Probably it's just the same though, unless they have pre-nuptial agreement, then assets that they have before their wedding is not covered by it during their divorce. And so it just shows that Bitcoin is already considered a asset now in South Korea with this kind of rulings.
However, if you the man, hmm, I'm just thinking what if your wife doesn't know anything about your crypto asset?
And then you totally hide it from here after the divorce proceedings?
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
So who wants to marry a Korean woman after today? :-[
This is only if the wife knows that the husband has wealth in Bitcoin otherwise nobody will ever know if you own a Bitcoin or not and I'm sure that it's not wise for any person that is holding a Bitcoin to tell people that they own a Bitcoin because of the insecurity it might cause later or in the future and perhaps situations like this.
I thank God I'm not from places where this behavior will is practice where one has to divide property when they marry, the Korea men can learn to deal with that and even the men wouldn't agree to tell their spouse they have Bitcoin since there is high privacy with Bitcoin.
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And so it just shows that Bitcoin is already considered a asset now in South Korea with this kind of rulings.
However, if you the man, hmm, I'm just thinking what if your wife doesn't know anything about your crypto asset?
And then you totally hide it from here after the divorce proceedings?
Yes, this is the positive thing about the news, it means that Bitcoin and cryptocurrencies are legal assets in South Korea, which is a good thing.
However, if you the man, hmm, I'm just thinking what if your wife doesn't know anything about your crypto asset?
And then you totally hide it from here after the divorce proceedings?
Yes, this shows the importance of privacy for everyone who owns cryptocurrencies, especially when dealing with women because women are talkative and will definitely tell the government about all your crypto assets, so it is better from now on to maintain privacy, especially from your wife. ;)
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No, this law is not applied in all countries. Here in my country, for example, and in all Islamic countries, there is no division of property between spouses after divorce.
According to Islamic law, the wife receives alimony and an amount of money that was agreed upon before marriage, and no personal property is divided between the husband and the wife after divorce.
yes but what about properties acquired during marriage? is this only considered an asset of one spouse and not considered both their property? so let’s say the woman decides to be a housewife will she not have anything to her name then since she isn’t working anyway and has no other means of earning therefore can’t buy anything or at least contribute to the man’s expenses?
for example will a house be only considered his or her’s but not both?
i guess it is good a spouse gets alimony if they ever get divorced
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
What I know about this is that cryptocurrencies are seen as an asset that can be used in divorce settlement. In South Korea, properties acquired after couple married are the ones that would be used for divorce settlement and not the one before or after.
This will make you understand more about it:
Under Korean family law, assets and debts accrued during the marriage are typically considered as belonging to the marital community, while assets and debts acquired pre-marriage or post- separation are considered separate property and usually remain with the respective spouse.
Which means that any property that the husband or wife has before and after divorce will not be used in divorce settlement.
pretty much the same law in usa.
value gained in the marriage gets split. 50-50
not a big deal. pretty much fair.
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they can only divide the crypto assets that are declared. they will need a lot of tracking to learn all the crypto assets the husband hasn't declared. and now that his law is already created, i think the men are really going to be hiding what memecoins they ever have. probably sending them to the newly generated wallet ;D
Women are naturally talkative so they might expose a husband who hides some of his crypto assets from the eyes of the government, and now this law has come. So now we will find many husbands who are overly private and hide their assets from their wives so that they do not face such a situation.
This is a big lesson that a husband should keep his mouth shut in front of his wife :-X
Honestly this new law in Korea implies that crypto has gone mainstream in that region, and it is very clear that crypto is a potential asset class that can be shared between couples if manages ends.
The story is quite interesting, but I think this will bring some hidden agenda from the man. A man that is a crypto assets investor will not reveal his entire investments portfolios to the woman once they are married. Infact, this law will cause married couples to lose trust.
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
So who wants to marry a Korean woman after today? :-[
I'll say what I know and it's from a person that isn't even a lawyer at all. :D
The assets that both acquired before the marriage isn't divided as far as I know unless they have an written agreement with both of their signatures right from the start of their relationship and even they aren't even yet married that all of the assets that they will acquire will be divided no matter what happens. I believe that the assets that they got during their marriage will be split because it's conjugal.
As for I want to marry a Korean woman, I didn't even think of marrying one, and I don't think that somebody like me will be enough for them. :D
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yes but what about properties acquired during marriage? is this only considered an asset of one spouse and not considered both their property? so let’s say the woman decides to be a housewife will she not have anything to her name then since she isn’t working anyway and has no other means of earning therefore can’t buy anything or at least contribute to the man’s expenses?
for example will a house be only considered his or her’s but not both?
i guess it is good a spouse gets alimony if they ever get divorced
I'm curious about this too. It seems like the law isn't really fair to women, since they've also contributed to their husbands careers. A husband wouldn't be able to focus on his career if he had to take care of the kids and do the housework, women deserve a fair share of the assets in a divorce.
In my country, assets acquired during marriage are split 50/50. My friend was forced to sell a lot of tokens at the 2022 bottom because the court ordered him to split the value of his crypto assets with his ex-wife, who only wanted fiat. My friend had no choice and had to buy the tokens back at a much higher price after the divorce.
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
So who wants to marry a Korean woman after today? :-[
It is a good rule of thumb that after divorce in Korea, both parties will share their property equally at that time. If it is after the divorce then there is a question why it is not done before the marriage. I think the reason for this is that after marriage they will share the wealth they create together. But if someone buys assets in advance, then no one will know about it. I think it can only be shared where both agree. Those who wish to get married must try to follow this rule.
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It is a good rule of thumb that after divorce in Korea, both parties will share their property equally at that time. If it is after the divorce then there is a question why it is not done before the marriage. I think the reason for this is that after marriage they will share the wealth they create together. But if someone buys assets in advance, then no one will know about it. I think it can only be shared where both agree. Those who wish to get married must try to follow this rule.
But this way the rule will make it hard for couples to trust on each other. They have to choose very wisely although before they could get half of what they own already but getting a piece from each other's crypto holdings is just a burden I think.
Although one might not have to give all the money he owns to his spouse if any of the spouses has named their wealth to themselves but to their parents like it was in the case of a famous footballer whose wife tried to demand most of his money but court did not allow by saying he owns nothing but his mother.
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they can only divide the crypto assets that are declared. they will need a lot of tracking to learn all the crypto assets the husband hasn't declared. and now that his law is already created, i think the men are really going to be hiding what memecoins they ever have. probably sending them to the newly generated wallet ;D
Women are naturally talkative so they might expose a husband who hides some of his crypto assets from the eyes of the government, and now this law has come. So now we will find many husbands who are overly private and hide their assets from their wives so that they do not face such a situation.
This is a big lesson that a husband should keep his mouth shut in front of his wife :-X
Honestly this new law in Korea implies that crypto has gone mainstream in that region, and it is very clear that crypto is a potential asset class that can be shared between couples if manages ends.
The story is quite interesting, but I think this will bring some hidden agenda from the man. A man that is a crypto assets investor will not reveal his entire investments portfolios to the woman once they are married. Infact, this law will cause married couples to lose trust.
it would be too cruel for a man not to give something for the divorced wife after all they shared a life together. but if they already lost trust even before the divorce, you can expect the wife to have already spent some money into investment for herself as well.
if the lady is into crypto, she should also be sharing the investment. its the woman i think has more time to research and find which projects best to invest and men work all day to provide. it would be amusing to hear news about a husband complaining to her wife not sharing her coins. ;D
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
So who wants to marry a Korean woman after today? :-[
The west is not fair with the men and I'm not sure why they practice such system but perhaps they want to reduce divorce rate and so that men doesn't use women any how because of their vulnerability of feminine characters but at the same time, they should have also consider the men too, women can be manipulative and if she want to pretend, nothing on this life can save the man.
As for the Bitcoin, division but I think they are among the few countries that doesn't do crypto, even the north Korea are involved in crypto than them but because they are reported to be stealing crypto and hacking wallets, they don't have good reputation when it comes to crypto legality. By the way, why will you tell your partner that you have a Bitcoin when you have hidden it from them, it's better remain secret with you only to avoid things like this.
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As I understand from the news, the law covers crypto assets acquired during marriage but does not mention assets acquired before marriage. Will they be divided upon divorce as well?
So who wants to marry a Korean woman after today? :-[
This shows that South Korea recognises the value of bitcoin and how they can be used as a valuable asset today. Dividing those assets at divorce is something they should have not made compulsory since they don’t recognize the bitcoin asset as a legal tender in their country. They’re just trying to use the system to still exploit bitcoin holders in that region. By making this statement about bitcoin holders, they’re just trying to make women attractive to men with bitcoin so that they can get a share from them when they want a divorce.
Somethings like this are not suppose to be made public because of those that will take advantage of the system. This is not right to me if asked, they should look into it and have a better framework to look into that or a guideline that should protect those bitcoin holders in that region. For me, even if I should get a wife from there, it is better you should not disclose all of your assets to her even though she’s your wife and you’ve married her because of trust. Things changes and I just hope they all change for good and not for bad instances like this one.
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All we want from here is in the recognition of bitcoin as a digital currency and a legit means of making payment, in such a way that it has the same equal value other acceptable currencies were having, if they can accept and recognized bitcoin as a digital asset there in their country, this means there are many people who are into crypto and bitcoin in particular, because they have invested lot on it after understanding it value.
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All we want from here is in the recognition of bitcoin as a digital currency and a legit means of making payment, in such a way that it has the same equal value other acceptable currencies were having, if they can accept and recognized bitcoin as a digital asset there in their country, this means there are many people who are into crypto and bitcoin in particular, because they have invested lot on it after understanding it value.
I don't think this new law has anything to do with making BTC a legal tender in South Korea, i want BTC to be a legal tender in more countries around the world right now, but i know that is hard for it to happen. Centralized governments will hardly accept BTC that is decentralized.
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Although I consider this move a welcoming approach towards the adoption of crypto but the context of this adoption makes me worry a little. china has not been the best when it comes to adoption of crypto and its related operations and now we have it being considered when divorce is discussed.
If I am to opinionate on this issue, I'll say that it be reversed until it becomes a legally adopted currency within the country and then allowing it for divorce settlements should become a derivative of its adoption.
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If I am to opinionate on this issue, I'll say that it be reversed until it becomes a legally adopted currency within the country and then allowing it for divorce settlements should become a derivative of its adoption.
It is an asset, a property too, it does not have to be a legal tender before the government can pass such laws about it. Couples seeking divorce in many countries divide properties upon divorce and what SK is doing here is simply adding BTC as one of the properties that can also be divided if it was acquired during the marriage.
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So who wants to marry a Korean woman after today? :-[
This kind of update on divorce settlement will not only be exclusive to Korean women soon because in other countries where divorce is also rampant, they will soon update their laws once they start recognizing crypto as an asset that should be shared amongst man and wife on separation.
It will be quite painful seeing the crypto that you have spent years to accumulate being shared with a partner that does not deserve it, that is why we need to marry correctly or do not be so clouded by love that prenuptial agreements are forgotten.
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So who wants to marry a Korean woman after today? :-[
This kind of update on divorce settlement will not only be exclusive to Korean women soon because in other countries where divorce is also rampant, they will soon update their laws once they start recognizing crypto as an asset that should be shared amongst man and wife on separation.
It will be quite painful seeing the crypto that you have spent years to accumulate being shared with a partner that does not deserve it, that is why we need to marry correctly or do not be so clouded by love that prenuptial agreements are forgotten.
Well a husband has to respect the rights of their wife. Even when a person doesn't have crypto holdings he will still have to share his wealth to the woman he once loved.
All the more for supporting kids. Men has to understand that it will be hard for a woman to start over again when the marriage fail. After all the divorce has to be agreed by both parties, if she doesn't agree to the divorce, the man will need to support her anyway.
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This is good because in some European countries the laws force the husband to give up half of his or her entire assets to the wife upon divorce.
This is why a prenuptial agreement is so important. It basically dictates which assets the husband and wife get in the event of a divorce, and it's legally binding so there is no "going after assets that a private detective found in your possession) kind of thing happening. I actually don't know why more people don't do this to be honest.
Anyone opposed to writing this sort of thing is a red flag to be honest.