This text of Wisconsin § 766.588 (Statutory terminable marital property classification agreement.) is published on Counsel Stack Legal Research, covering Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
766.588
766.588(1) (1) Generally.
766.588(1)(a) (a) Spouses may execute an agreement under this section to classify the property of the spouses presently owned and property acquired, reclassified or created in the future, as marital property. Except as provided in this section, s. 766.58 applies to an agreement under this section. The form of the agreement is set forth in sub.
(9). Persons intending to marry each other may execute an agreement as if married, but the agreement becomes effective only upon their determination date.
766.588(1)(b) (b) Notwithstanding an agreement under this section:
766.588(1)(b)1. 1. The marital property interest of the nonemployee spouse in a deferred employment benefit plan or in assets in an individual retirement account that are traceable to the rollover
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766.588
766.588(1) (1) Generally.
766.588(1)(a) (a) Spouses may execute an agreement under this section to classify the property of the spouses presently owned and property acquired, reclassified or created in the future, as marital property. Except as provided in this section, s. 766.58 applies to an agreement under this section. The form of the agreement is set forth in sub. (9) . Persons intending to marry each other may execute an agreement as if married, but the agreement becomes effective only upon their determination date.
766.588(1)(b) (b) Notwithstanding an agreement under this section:
766.588(1)(b)1. 1. The marital property interest of the nonemployee spouse in a deferred employment benefit plan or in assets in an individual retirement account that are traceable to the rollover of a deferred employment benefit plan terminates at the death of the nonemployee spouse if he or she predeceases the employee spouse; and
766.588(1)(b)2. 2. The marital property interest of a decedent spouse in a life insurance policy which designates the surviving spouse as the owner and insured is limited as provided under s. 766.61 (7) .
766.588(1)(c) (c)
766.588(1)(c)1. 1. If property is held as survivorship marital property under s. 766.60 (5) (a) or 766.605 at the time an agreement under this section becomes effective, or if property is held as or acquired as survivorship marital property under s. 766.60 (5) (a) or 766.605 while an agreement is in effect, the property remains survivorship marital property as long as it is so held.
766.588(1)(c)2. 2. A joint tenancy which is held exclusively between the spouses when an agreement under this section becomes effective or while an agreement is in effect is survivorship marital property.
766.588(1)(c)3. 3. A tenancy in common which is held exclusively between the spouses when an agreement under this section becomes effective or while an agreement is in effect is marital property.
766.588(1)(c)4. 4. With respect to a tenancy in common or joint tenancy not described under subds. 2. and 3. in which at least one spouse is a tenant when an agreement under this section becomes effective or while an agreement is in effect, to the extent the incidents of the tenancy in common or joint tenancy conflict with or differ from the incidents of marital property, the incidents of the tenancy in common or of the joint tenancy, including the incident of survivorship, control.
766.588(1)(d) (d)
766.588(1)(d)1. 1. In this paragraph:
766.588(1)(d)2. 2. An agreement under this section does not defeat the survivorship feature of a joint account under s. 705.04 (1) .
766.588(1)(d)3. 3. An agreement under this section does not affect the ownership, under s. 705.04 (2m) , of sums remaining on deposit in a marital account at the death of a party to the account, regardless of when the agreement became effective or the marital account was established.
766.588(2) (2) Execution. An agreement under this section shall be signed by both parties to the agreement. An agreement under this section is executed when the signature of each party to the agreement is authenticated or acknowledged. The agreement executed shall conform to the requirements under sub. (9) .
766.588(3) (3) Effective date and effective period.
766.588(3)(a) (a) An agreement under this section is effective when executed or upon the determination date, whichever is later.
766.588(3)(b) (b) If the spouses have not completed the financial disclosure form under sub. (9) before or contemporaneously with execution of the agreement, the agreement terminates 3 years after the date that both spouses have signed the agreement, unless terminated earlier by one of the spouses under sub. (4) .
766.588(3)(c) (c) If the spouses have completed the financial disclosure form under sub. (9) , the agreement terminates when the terms of the agreement no longer apply after dissolution or the death of a spouse, unless terminated earlier by one of the spouses under sub. (4) .
766.588(3m) (3m) Limitation on execution of 3-year agreement. If spouses execute an agreement under this section which becomes effective for any period and if the spouses did not complete the financial disclosure form under sub. (9) for that agreement, the spouses may not execute a subsequent agreement under this section for the same marriage unless the financial disclosure form under sub. (9) is completed.
766.588(4) (4) Termination by one spouse.
766.588(4)(a) (a) An agreement under this section terminates 30 days after a notice of termination is given under par. (b) by one spouse to the other spouse. An example of a termination form is set forth in sub. (9) .
766.588(4)(b) (b) Notice of termination is given to the other spouse on the date:
766.588(4)(b)1. 1. That a signed termination is personally delivered to the other spouse; or
766.588(4)(b)2. 2. That a signed termination is sent by certified mail to the address of the other spouse last known to the spouse giving notice of termination.
766.588(4)(c) (c) This subsection does not affect the ability to amend, revoke or supplement an agreement under this section by separate marital property agreement under s. 766.58 (4) .
766.588(4)(d) (d) With respect to its effect on 3rd parties, a termination under this section shall be treated as a marital property agreement.
766.588(5) (5) Enforceability.
766.588(5)(a) (a) If the spouses do not complete the financial disclosure form under sub. (9) , the agreement terminates as provided under sub. (3) (b) and the agreement is enforceable without the disclosure of a spouse’s property or financial obligations.
766.588(5)(b) (b) If the spouses complete the financial disclosure form under sub. (9) , the maximum duration of the agreement is 3 years after both spouses have signed the agreement if the spouse against whom enforcement is sought proves that the information on the disclosure form did not provide fair and reasonable disclosure, under the circumstances, of the other spouse’s property or financial obligations. This paragraph applies notwithstanding the fact that a spouse had notice of the other spouse’s property or financial obligations.
766.588(5)(c) (c) Section 766.58 (6) (c) does not apply to an agreement under this section.
766.588(6) (6) Effect on support and divorce. An agreement under this section does not affect any of the following:
766.588(6)(a) (a) The duty of support that spouses otherwise have to each other.
766.588(6)(b) (b) The determination of property division under s. 767.61 .
766.588(6)(c) (c) The determination of maintenance payments under s. 767.56 .
766.588(7) (7) Other means of classification. This section is not the exclusive means by which spouses may reclassify their property as marital property.
766.588(8) (8) Effect of termination. Termination of an agreement under sub. (3) or (4) does not affect the classification of property acquired before termination. Property acquired after termination is classified as provided under this chapter.
766.588(9) (9) Statutory terminable marital property classification agreement form. The language of a statutory terminable marital property classification agreement form shall be identical to the language included in the form set forth under this subsection. The format of a statutory terminable marital property classification agreement shall be substantially as follows:
[Note: 766.588 Note NOTE: 1991 Wis. Act 301 contains legislative council notes.]