In the event of a divorce, is property division possible even if debts exceed assets?
Yes it is possible.
The Supreme Court has ruled that when a couple divorces, a request for property division can be accepted even if the total amount of both parties' passive assets exceeds the total amount of active assets and the result of the property division ultimately determines the division of debt (2010 4071,4088 (see en banc ruling).
Therefore, if the assets created by a couple during marriage are 20 million won and the debt is 100 million won, the property subject to property division corresponds to the debt of 80 million won (100 million won - 20 million won). According to the above precedent, if the couple's property division ratio is the same at 1:1, the method of property division can be decided by having each couple share the debt of 40 million won.
This is a procedure in accordance with Korean law. For foreigners, detailed procedures may vary.
Please chat or email for specific details.
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