Financial attorney, I have a question about overseas financial account reporting.

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When I divorced, my ex-husband and I agreed on 700,000 won per month in child support, but recently as my child entered elementary school, expenses for academy fees, school meals, and textbooks have risen significantly, and prices have gone up, making life very tight. Is there a way to change the child support? It seems unlikely the other party will pay more, but is changing child support legally possible? If so, how should I go about it?

financial attorney

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作者: 김국일

The obligation to report overseas financial accounts arises when several conditions are all met.

1. You must be a domestic resident or a domestic corporation as of the end of the reporting year, and not subject to reporting exemption.

2. You must hold overseas accounts for financial transactions such as overseas bank, securities, derivatives accounts, insurance products, or virtual asset service provider accounts.

3. The total account balance on any one of the last days of each month in the reporting year must exceed 500 million won.

However, foreign residents, overseas Koreans, international organization employees, and others who meet certain requirements may be exempted from the reporting obligation.

Also, joint-name accounts are subject to reporting by all joint name holders, and borrowed-name accounts are subject to reporting by both the actual owner and the nominal holder, and exemption also applies if related parties have already submitted and the tax office can verify the account information.

From a financial attorney's perspective, accurately determining the account type, ownership structure, and exemption requirements is important, and since penalties and additional taxes may be imposed if reporting is omitted, it is safe to review with an expert in advance.

If you check the reporting eligibility and document preparation process in advance with a financial attorney, you can minimize risks.