South Korean law firm IPG Legal recently explained the law regarding the division of cryptocurrencies during divorce cases due to the growing interest from clients. The company explained that married couples can divide crypto holdings during divorce proceedings, including both Bitcoin and altcoins.
South Korea Allows Divorcing Couples To Split Crypto Assets
The company that specializes in the South Korean legal system said that both tangible and intangible assets are divided during a divorce under Article 839-2 of the Korean Civil Act. The law says that either spouse may request a division of marital assets accumulated during the marriage upon the divorce in Korea.
The company also provided an example in the form of a 2018 ruling by the country’s Supreme Court, which confirmed that cryptocurrency and virtual assets are considered property due to their economic value. The fact that they are intangible assets poses no issue since the law accounts for intangible assets as long as they have economic value.
In other words, any cryptos acquired during marriage can be regarded as part of the marital estate. If spouses are aware of the fact that their partner has crypto holdings, they can request a fact-finding investigation from the court and have the authorities establish the value of the holdings.
Given the fact that blockchain technology preserves all transactions, tracking crypto investments is significantly easier than traditional money. Blockchain’s immutability also means that the entries cannot be manipulated or removed, so it is a simple matter to determine how much money was invested and earned over the course of the marriage.
Once they know how much money they are entitled to, partners can choose to either cash out the crypto holdings before splitting or share the tokens directly. However, another important matter is to have the money kept in the form of cryptocurrency stored safely, which is why the partners must choose adequate crypto wallets, and Best Wallet is generally considered one of the most secure options.
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What Do You Need To Know About Best Wallet?
Best Wallet is a cryptocurrency wallet that allows users to store both Bitcoin and altcoins. Apart from that, they can also use it to buy and sell crypto assets, as well as spend them directly. The wallet makes it easy to deposit the funds, send them, or swap them.
Its list of services also includes portfolio management, staking, engaging in iGaming, and generally keeping them secure. It can even function as a presale aggregator, making it a very useful tool in any investors’ or trader’s arsenal.
Best Wallet supports over 60 different chains, which together, hold thousands upon thousands of different cryptocurrencies, all of which can be stored within. It is also non-custodial, meaning that no one but yourself will have access to your funds.
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It is available for both iOS and Android devices, but being mult-wallet, it also allows users to manage their other existing crypto wallets, all from the same place. All of this makes it the best wallet on the market right now, and allows it to live up to its name.
