When we got married we put the house bought into our joint names. Do I need to divide this property as well?
Even if the property is in joint names, in the case of property gifted to one spouse
As it is a unique property, in principle it is not subject to property division.
However, if it is recognized that it has contributed to the increase and maintenance of the above property value,
It is included in the property division and is divided according to contribution.
That is, depending on the duration of the marriage or the degree of contribution to the formation of property maintenance.
The court's judgment determines whether property is to be divided or not and the division ratio is determined.
Therefore, even if the property is jointly owned, the marriage period is short and must be financed with the other spouse's money.
In the case of one property, it may not be included in the division at all, and if the marriage period is long,
The division ratio may be set lower by taking into account the fact that one spouse received a gift while being included in the division.
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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