When considering divorce, there are many complicated issues, but above all, property division is very difficult to deal with. Many people who are to divorce or are likely to be divorced tend to hide their assets and property. As you might know, Korean judicial system does not have discovery like the one in the U.S., so it might be harder to find out your partner’s hidden property. However, there are several ways to find out the property to be divided. You (your lawyer) may request the court to order the public or governmental institutions for fact inquiries about your partner’s real estate and debt, and the financial institutions including banks, credit card companies, and insurance companies to submit your partner’s financial asset statement or bank account transactions. All of these are helpful for you to look into your partner’s financial status.
What if your partner has sold out his or her assets to others? If he or she intentionally sold or pretended to dispose of his or her assets including houses or buildings after marriage break down, you may file for may apply to the court for its revocation and restitution of its original status. That is, you may claim that the assets sold out shall be back to their original states. The relevant Article of Civil Act is as follows;
Article 406 (Obligee’s Right of Revocation)
(1) If the obligor has performed any juristic act which has a property right for its subject, with the knowledge that it would prejudice the obligee, the obligee may apply to the court for its revocation and restitution of its original status: Provided, That this shall not apply where a person who has derived a benefit from such act or a subsequent purchaser was, at the time of the act or of the purchase, unaware of the fact that it would prejudice the obligee.
(2) The action mentioned in the preceding paragraph shall be brought within one year from the time when the obligee became aware of the cause for revocation, or within five years from the time when the juristic act was done.
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