South Korea allows division of crypto in divorce settlements

[Jating]

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?

[Gurujebs]

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.

[yhiaali3]

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.

[bitterguy28]

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

[philipma1957]

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.

[Bobcrypto]

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

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.

[LogitechMouse]

---
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.

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.

[MrSpasybo]

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.

[Rubel007]

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.

[ZAINmalik75]

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.

[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 

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

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. 

[Gurujebs]

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.

[Asiska02]

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.

[_act_]

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.

[Z-tight]

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.