South Korea allows division of crypto in divorce settlements

Z-tight

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Quote from: Fiatless on October 16, 2024, 09:28:40 AM

It seems the US has similar laws. It is believed that both parties have contributed to or supported each other to acquire such an asset in the course of marriage. But in my country, this law is rarely practiced because it is a hardcore patriarchal society.

I thought as much, the U.S. already have it in their laws that properties acquired during marriage be divided in cases of divorce, but i was simply curious if BTC is treated as assets that can be divided too.

Quote from: Fiatless on October 16, 2024, 09:28:40 AM

Hiding crypto assets from spouses is on the rise globally. This is connected to the ease of keeping it secret. The hiring of forensic crypto accountants to investigate if any spouse is hiding crypto assets is also increasing globally.

It may be difficult to prove which coins were acquired during the marriage, especially if the spouse acquired them in a p2p way. If the spouse is very knowledgeable about BTC, they might be successful in hiding some of their BTC.

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Quote from: Z-tight on October 16, 2024, 08:44:03 AM

I don't know how to react to this news, i believe this is how divorce settlements work in many parts of the world, but i have not read about any case involving cryptocurrency. Is South Korea the first country to make this law applicable to crypto, what does the U.S. law say about this?

Quote

In a divorce setting, bitcoins are treated as any other asset. If the bitcoin transaction took place during the marriage, it is considered marital property and can therefore be divided. However, if the transaction happened before you two tied the knot, it is not considered marital property and as such, cannot be divided.
https://www.petrellilaw.com/what-you-need-to-know-about-cryptocurrency-and-divorce/

It seems the US has similar laws. It is believed that both parties have contributed to or supported each other to acquire such an asset in the course of marriage. But in my country, this law is rarely practiced because it is a hardcore patriarchal society.

Quote

I'm sure South Koreans that use BTC and crypto may try to hide that they are involved in it from their spouse, i know it may be wrong and against the law, but if people find a way to hide their crypto assets, which is intangible, from their partner, i believe they will do it.

Hiding crypto assets from spouses is on the rise globally. This is connected to the ease of keeping it secret. The hiring of forensic crypto accountants to investigate if any spouse is hiding crypto assets is also increasing globally.

Z-tight

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I don't know how to react to this news, i believe this is how divorce settlements work in many parts of the world, but i have not read about any case involving cryptocurrency. Is South Korea the first country to make this law applicable to crypto, what does the U.S. law say about this?

I'm sure South Koreans that use BTC and crypto may try to hide that they are involved in it from their spouse, i know it may be wrong and against the law, but if people find a way to hide their crypto assets, which is intangible, from their partner, i believe they will do it.

yhiaali3

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Quote from: Maslate on October 15, 2024, 11:50:10 PM

Quote from: yhiaali3 on October 15, 2024, 10:35:28 PM

As for marrying a Korean, I am joking of course, I am married and I do not dare to marry again Grin

I was just joking too Grin

But hey, are you a Muslim? From what I know, a Muslim can marry as many as he wants as long as he can support them all, right?

No, not any number he wants, a Muslim can marry up to 4 wives in certain cases such as wars for example where the number of men decreases, so to solve this problem Islam allowed marriage up to 4 wives on condition of justice between them.

But unfortunately some people who love women understand the matter in a wrong way and marry 4 women without an acceptable reason and as a result many social problems arise.

As I mentioned, marriage to more than one wife is only permitted in special cases and on condition of justice between the wives.

Maslate

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Quote from: yhiaali3 on October 15, 2024, 10:35:28 PM

As for marrying a Korean, I am joking of course, I am married and I do not dare to marry again Grin

I was just joking too Grin

But hey, are you a Muslim? From what I know, a Muslim can marry as many as he wants as long as he can support them all, right?

yhiaali3

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Quote from: Maslate on October 15, 2024, 08:26:06 PM

So you're from the UAE? As far as I know, the law governing marriage there is based on Sharia law, and yes, it's quite different from other countries where spouses share ownership of assets acquired during the marriage. But if that's what works for you, then that's great! There's really no problem since every country has its own practices and cultures that shape its laws. As for your comment about not marrying a Korean because of this, don't worry! You can still hold on to your assets as long as both of you remain citizens of your own country.

I am not from the UAE but from Syria but yes the laws in my country are also derived from Islamic law, according to Islamic law the husband is responsible for all financial expenses and all expenses related to his wife and the woman who has property before or after marriage keeps it and her husband has no right to take anything from her.

Upon divorce each husband keeps his own property and there is no division but the wife gets financial compensation that was agreed upon at the time of marriage.

As for marrying a Korean, I am joking of course, I am married and I do not dare to marry again Grin

Maslate

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Quote from: yhiaali3 on October 15, 2024, 02:49:03 PM

Quote from: Maslate on October 15, 2024, 01:26:24 AM

Nope, there’s nothing to worry about. The law is straightforward—any cryptocurrency or assets you acquired before marriage are exclusively yours. In our country, that’s not considered part of the conjugal property. So, you have full control over how you manage your assets, as long as you don’t let your spouse influence your decisions. With that said, I don’t see any issue with marrying a Korean woman.

In my country, the divorce laws are completely different. The man pays a certain amount of money that was agreed upon at the time of marriage and a monthly alimony in some cases, but the wife does not get any of the man’s property. In return, the woman does not share any property with the man, even if the woman is rich, her husband has no right to take anything from her upon divorce.

So you're from the UAE? As far as I know, the law governing marriage there is based on Sharia law, and yes, it's quite different from other countries where spouses share ownership of assets acquired during the marriage. But if that's what works for you, then that's great! There's really no problem since every country has its own practices and cultures that shape its laws. As for your comment about not marrying a Korean because of this, don't worry! You can still hold on to your assets as long as both of you remain citizens of your own country.

yhiaali3

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Quote from: Maslate on October 15, 2024, 01:26:24 AM

Nope, there’s nothing to worry about. The law is straightforward—any cryptocurrency or assets you acquired before marriage are exclusively yours. In our country, that’s not considered part of the conjugal property. So, you have full control over how you manage your assets, as long as you don’t let your spouse influence your decisions. With that said, I don’t see any issue with marrying a Korean woman.

In my country, the divorce laws are completely different. The man pays a certain amount of money that was agreed upon at the time of marriage and a monthly alimony in some cases, but the wife does not get any of the man’s property. In return, the woman does not share any property with the man, even if the woman is rich, her husband has no right to take anything from her upon divorce.

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Quote from: yhiaali3 on October 14, 2024, 11:47:37 PM

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?

I will never think of marrying a Korean wife Wink

I don't think so! But a section of law can have multiple subsections which can further clarify your question. Ideally the cryptos acquired before the marriage, should not be considered as a joint property.

But as you know that, the law can be very confusing at times and can have multiple meanings unless clearly defined. So during a divorce, you can also risk loosing your cryptos acquired before marriage if it is counted under your total net worth while calculation.

So for your concern, it's better not to get married! Grin

Maslate

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Quote from: yhiaali3 on October 14, 2024, 11:47:37 PM

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?

I will never think of marrying a Korean wife Wink

Nope, there’s nothing to worry about. The law is straightforward—any cryptocurrency or assets you acquired before marriage are exclusively yours. In our country, that’s not considered part of the conjugal property. So, you have full control over how you manage your assets, as long as you don’t let your spouse influence your decisions. With that said, I don’t see any issue with marrying a Korean woman.

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Quote from: yhiaali3 on October 14, 2024, 11:47:37 PM

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:

Quote from: https://mylawyerinkorea.com/pages/property-division#:~:text=Under%20Korean%20family%20law%2C%20assets,remain%20with%20the%20respective%20spouse.

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.

yhiaali3

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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?

I will never think of marrying a Korean wife Wink

Topic: South Korea allows division of crypto in divorce settlements (Read 222 times)