South Korea allows the division of cryptocurrencies in divorce settlements
2024-10-10 07:58:32
South Korea law now allowed spouse divorce litigation period requestdesk3cryptocurrencydesktopCrypto News
South Korean law now allows spouses to claim cryptocurrency and bitcoin during divorce proceedings and treat them as marital property. According to a law firm specializing in the South Korean legal system, South Korean married couples can now divide their cryptocurrency holdings during divorce proceedings.
IPG Legal, a South Korean law firm, has clarified the law regarding the consideration of cryptocurrencies in marital property in divorce cases. In response to frequently asked questions from clients, the firm explained that under South Korean law, both tangible and intangible assets can be divided at the time of divorce: "According to Article 839-2 of the Korean Civil Code, at the time of divorce in South Korea, either spouse may request the division of marital property accumulated during the marriage."
The company pointed to a 2018 ruling by South Korea's Supreme Court confirming that cryptocurrencies and virtual assets are considered property because of their economic value as intangible assets.
IPG Legal, a South Korean law firm, has clarified the law regarding the consideration of cryptocurrencies in marital property in divorce cases. In response to frequently asked questions from clients, the firm explained that under South Korean law, both tangible and intangible assets can be divided at the time of divorce: "According to Article 839-2 of the Korean Civil Code, at the time of divorce in South Korea, either spouse may request the division of marital property accumulated during the marriage."
The company pointed to a 2018 ruling by South Korea's Supreme Court confirming that cryptocurrencies and virtual assets are considered property because of their economic value as intangible assets.
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