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aishiii
Joined: 24 Apr 2009
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 Posted: Wed Apr 29, 2009 11:09 pm Post subject: divorcing |
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I know Dave's sometimes isn't the most helpful place, but maybe someone out there knows enough to give me a start.
I have an F2-1 but I'm divorcing my Korean wife. It is fairly amicable. We've agreed how to split up our money which is all in an apartment currently. I want to get out of Dodge, so I'm wondering how to get my share out of the country.
Everything is in her name. Some of the money was earned when we lived in another country (a business) and we brought it back to Korea under her name. Some of the money is due to profits made in 3 apartments we have owned and sold over the years. Some of the money is from employment of course, in which I don't have a lot of payslips for.
I never thought it was going to be a problem since we planned on moving back to Canada together. But now that doesn't seem to be the case.
Anyways, she is a good person and there is no worry about her not giving me my share. The only problem is I'm not sure how it works in terms of me taking my share out.
Flame away!  |
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polonius
Joined: 05 Jun 2004
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| Posted: Thu Apr 30, 2009 12:15 am Post subject: |
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As an F visa series holder, do you have to submit a payslip to send moneys home as it is? I know that my bank makes E series holders need to.
A friend of mine divorced and was allowed to keep his F visa for one year after the divorce.
If you are breaking up amicably, then just have her send the money to your account at home now.
Not sure if any of this helps. |
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frankly speaking
Joined: 23 Oct 2005
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| Posted: Thu Apr 30, 2009 12:18 am Post subject: |
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First of all, I am sorry that you are going through this. I have not had to do this myself so I don't have any direct advice.
If the issue is just about how to prove the money is yours and you are certain that your wife will give you your half. I don't think that is too difficult. However if the issue is that you need to get a lawyer to prove that your wife owes you half, that will be difficult.
If you only need to prove to Korean banks and government that the money isn't from illegal gains, I think that your wife could wire you the money to your account in Canada. You would loose some on the transfer but, she doesn't need to have proof of where she got the money. Koreans can wire transfer any money they want they don't have to prove they got it from a job. Shouldn't be a big deal.
I doubt that she would be unwilling to do it because it would be no more difficult than giving you the money in Korean won at your Korean bank.
If she doesn't want to help you, another option would be to go to a casino cash money in about 3-5 million at a time. Just hang out a while and cash in your chips. You will get a printout of your winnings, which aren't really winnings. You might have to pay some taxes on it, but it is better than nothing if your wife won't help you.
Good luck. I think that everything should be ok. |
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aishiii
Joined: 24 Apr 2009
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| Posted: Thu Apr 30, 2009 12:45 am Post subject: |
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Thanks for the replies. Yeah, the issue isn't with her giving me the money. She'll help me in any way she can.
I guess she can send the money to me in Canada, but does this have to happen before we are divorced? And I also worry about the Canadian side of things like having to pay tax on the money for some reason. |
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Xuanzang
Joined: 10 Apr 2007
Location: Sadang
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| Posted: Thu Apr 30, 2009 3:39 am Post subject: |
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| ask tzechuk. Seems she was in the same boat as you. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Thu Apr 30, 2009 3:45 am Post subject: |
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http://joongangdaily.joins.com/article/view.asp?aid=2904229
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Q. Do I need to have a bank account in Korea in order to transfer money from one of my accounts abroad? How much is the service charge for an overseas remittance and how long does it take?
A. People without Korean bank accounts can receive money from overseas, as long as the beneficiary�s name, contact address and passport or ID number are provided by the person remitting the funds. But opening an account enables people to get their money more quickly and easily.
The first thing anyone receiving money from overseas through a domestic bank account needs is the recipient�s name, telephone number, bank name, account number and bank code number.
People with accounts denominated in won have their foreign remittance exchanged into the local currency at the telegraphic transfer rate and then receive the money. Those with accounts denominated in foreign currency have the amount deposited into their accounts in that foreign currency and can later select the currency in which the money will be withdrawn. The TT rate will be applied for the exchange.
People with domestic accounts have an advantage in that they do not have to pay the 10,000 won service charge per transaction to receive money from overseas. If the deposit account is denominated in foreign currency, the service charge exemption is equivalent to 10,000 won in the foreign currency.
People who are employed here often find that they want to send money from their domestic account to another country. Foreigners residing in Korea are allowed to make overseas remittances only when they designate a bank for the foreign exchange transaction, according to the Foreign Exchange Control Law.
If Korea Exchange Bank is the designated bank, and the account holder submits salary remittance documents, it is possible to submit everything online. Up to $50,000 can be sent overseas per year, but the limit can be increased after the relevant documents are submitted.
At KEB, money can be sent overseas using a remittance information number, which is obtained when the account holder submits the payee�s name, the deposit account number, the address of deposit bank and the Swift/Iban Code. The next time you want to send money, all you need is the remittance information number.
Service charges and transaction periods can vary from bank to bank. When sending $500 or less, the service charge ranges from 15,000 to 20,000 won; it goes up when $500 or more is sent.
Customers who always send money to the same overseas account can use KEB�s Easy-One account service. Only money deposited into this account, which is kept separate from other accounts, is sent to the overseas account.
Transactions can take about two to three days on average, but this can vary. The Easy-One service takes between one to two days.
For those who can�t get to the bank during the week, seven KEB branches that are open on Sundays operate counters dedicated to remittance transactions.
KEB�s express remittance service allows customers to send or withdraw money 30 minutes after it has been sent from overseas. The service is available in Japan, Australia, the Philippines, China, Hong Kong, Vietnam, Indonesia and Singapore. |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Thu Apr 30, 2009 3:50 am Post subject: |
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I don't think the fact that you are divorcing makes you any less eligible for your money.
I am not entirely in the same boat cos, inter alia, I am not leaving Korea in the immediate future. |
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frankly speaking
Joined: 23 Oct 2005
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| Posted: Sun May 03, 2009 10:39 pm Post subject: |
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I am not sure of Canadian tax laws, but I wouldn't be surprised if you are taxed on the money.
I do know that in the US a spouse can give a one time gift to the other that is tax free. I am not sure of the amount but back in the 90's it was 60,000 USD.
Perhaps Canada has a similar law. So have her send the money before you finalize the divorce in Canada. Or set up an offshore account and just withdraw the money when you need it.
One word of advice, don't make any major financial decisions for the next year or so. Most people that make a lot of fnancial mistakes after they are recently divorced.
Good luck whatever happens.
I hope that you enjoy your new life. |
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GreenlightmeansGO
Joined: 11 Dec 2006
Location: Daegu
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| Posted: Mon May 04, 2009 9:41 am Post subject: |
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Sorry to hear that things didn't work out for you. I can't help out with info...but I think everything should be fine. what Captain Corea posted was too long for me to read, but I suspect you could send the money to a relative as a 'gift' and have no problem.
Best of luck. |
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