South Korea Allows Dividing Cryptocurrency in Divorce Settlements

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Cointime2024/10/10 08:06

By:Cointime

South Korean law now allows spouses to claim cryptocurrency and bitcoin as marital assets during divorce proceedings. According to a law firm specializing in the South Korean legal system, married couples in South Korea can now divide their cryptocurrency holdings during divorce proceedings. IPG Legal, a South Korean law firm, clarified the legal considerations regarding cryptocurrency in marital assets in divorce cases. In answering common client questions, the company explained that both tangible and intangible assets can be divided during divorce under South Korean law: "Under Article 839-2 of the South Korean Civil Code, either spouse can request the division of marital property accumulated during the marriage when getting divorced in South Korea." The company noted that a 2018 ruling by the South Korean Supreme Court confirmed that cryptocurrency and virtual assets are considered property due to their economic value as intangible assets.

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