Husband Who Hid Assets Worth 350 Million Won Ahead of Divorce Receives Suspended Sentence

A man in his 40s, facing divorce after 15 years of marriage, was found to have hidden assets amounting to 350 million won to evade asset division, resulting in a suspended sentence from the court.

On the 3rd, Judge Im Jung-yoon of the Ulsan District Court’s Criminal Division 4 sentenced Mr. A, who was indicted on charges of evading compulsory execution, to 6 months in prison with a 1-year suspension.

Mr. A was prosecuted for deliberately hiding assets to minimize asset division ahead of his divorce proceedings in 2023.

According to revelations during the trial, Mr. A created a false sales contract, claiming to have sold his apartment in Ulsan Ulju-gun for 160 million won to Mr. B’s spouse, a licensed real estate agent, Ms. C, based on advice from his acquaintance, Mr. B.

He also completed the registration process, disguising the transaction as a legitimate real estate deal on paper.

Attempts to Conceal Assets Through Stock Hiding and False Debt Creation

Mr. A's asset concealment was not limited to real estate.

He disposed of stocks worth 190 million won, withdrawing the amount in checks and handing it over to Mr. B to hide the assets. Additionally, he created a false loan document to make it appear as though he had borrowed 100 million won from his family and even notarized the debt through his lawyer.

Through this series of actions, Mr. A concealed assets totaling 350 million won and made it seem like he had a 100 million won debt before applying for an uncontested divorce in court. This was found to be an attempt to reduce the share going to his wife during the asset division process upon divorce.

The court pointed out, "The crime was committed in preparation for the divorce lawsuit, indicating very poor quality of the offense," while also noting, "He is reflecting on his wrongdoing, and the fact that his ex-wife does not wish for punishment was taken into consideration" when explaining the sentencing rationale for Mr. A.

Meanwhile, Mr. B, who assisted in hiding Mr. A's assets, was sentenced to 1 year in prison for "actively advising and leading the crime, as there are indications he sought personal gain."

Licensed real estate agent Ms. C, who was involved in the false sales contract, was fined 10 million won, while Mr. A's family members who participated in creating the false loan document received a sentence of 10 months in prison with a 2-year suspension.

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