South Korea Allows Division of Crypto in Divorce Proceedings
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
South Korea has made it possible for married couples to divide crypto holdings during divorce proceedings.
According to IPG Legal, a law firm specializing in South Korean legal matters, the nation’s law now recognizes both tangible and intangible assets, including cryptocurrencies, as part of marital property.
The firm pointed to Article 839-2 of the Korean Civil Act, which allows either spouse to request the division of assets acquired during marriage upon divorce.
The provision applies to digital assets like cryptocurrencies, reinforcing a 2018 ruling by South Korea’s Supreme Court.
The court’s decision classified virtual assets as property, given their economic value as intangible assets.
As a result, cryptocurrencies accumulated during a marriage can be included in the division of the marital estate.
This means that a spouse can request a “fact-finding investigation” through the courts if they suspect their partner holds undisclosed crypto assets.
The investigation aims to determine the value of these holdings, which could impact the division of assets during the divorce.
Cryptocurrency tracking during such proceedings can be more straightforward than tracking traditional cash assets, thanks to blockchain technology.
Blockchain records provide a transparent ledger of transactions, making it difficult for individuals to hide crypto transactions or delete records.
Additionally, bank withdrawal records and forensic analysis can aid in identifying hidden crypto investments.
“In South Korea spouse can now claim crypto when getting a
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