South Korea allows division of crypto in divorce settlements

[yhiaali3]

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?

[_act_]

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.

[TomPluz]

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.


 

[yhiaali3]

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.

[Aanuoluwatofunmi]

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.

[electronicash]

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 

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.

[yhiaali3]

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 

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

[bitterguy28]

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

[robelneo]

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.

[yhiaali3]

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.

[Captain Corporate]

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.

[Z-tight]

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.

[Faisal2202]

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.

[ABCbits]

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

[target]

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.