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South Korean law firm, IPG Legal, has confirmed that in the event of a divorce, crypto assets can be divided just like any other property. The courts can even determine the value of crypto assets if the details of the crypto wallet are known. Blockchain technology’s record-keeping makes it easier to track down crypto assets than traditional cash. The global rise in crypto popularity has led to an influx of divorces involving digital wallets. Therefore, disclosure of crypto assets in a divorce is not just advisable, but required by law.

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If you’re married and living in South Korea and have cryptocurrency, this news is for you! A local law firm, IPG Legal, just clarified that, in the event of a divorce, you can split crypto holdings just like any other asset. They state that either spouse can request to divide all assets collected during the marriage, which includes cryptocurrencies. This is backed up by a 2018 decision by the country’s Supreme Court, which says that crypto is a sort of property that has economic value.

This means any cryptocurrency you or your spouse has gotten while you were married can be considered a part of your shared assets. You can even get the courts to check out the value of your cryptocurrencies if you know your partner’s crypto wallet details. Tracking down crypto is actually easier than finding traditional cash, because the tech that supports it, blockchain, keeps a record of every transaction that can’t be messed with or deleted. If there’s any suspicion of hidden crypto, investigating bank withdrawal records can also help reveal the truth.

When it comes to splitting the wealth, you could choose to sell your cryptocurrency and divide the cash or split the actual digital coins.

The growing popularity of crypto worldwide has led to an increase in divorces involving these digital wallets. For instance, a case in New York involved a woman hiring a special accountant who found her soon-to-be ex-husband’s hidden stash of Bitcoin worth about $500,000 in a secret crypto wallet.

So all you crypto geeks out there, remember, disclosing those crypto assets in case of a divorce isn’t just a good idea – it’s also the law!

Source: Cointelegraph