AB1000: Bill Text

AB1000,,547 *....

AB1000,,548 TITLE: MEMBER STATE BAR OF WISCONSIN

AB1000,,549 (If not, .... authorized by s. 706.06, Wis. Stats.)

AB1000,,550 Acknowledgment

AB1000,,551 STATE OF WISCONSIN   )

AB1000,,552 )   ss.

AB1000,,553 .... County   )

AB1000,,554 Personally came before me this .... day of ...., .... (year) the above named .... to me known to be the person who executed the foregoing instrument and acknowledge the same.

AB1000,,555 *....

AB1000,,556 Notary Public ...., .... County, Wisconsin.

AB1000,,557 My Commission is permanent.

AB1000,,558 (If not, state expiration date: ...., .... (year))

AB1000,,559 (Signatures may be authenticated or

AB1000,,560 acknowledged. Both are not necessary.)

AB1000,,561 *Names of persons signing in any capacity should be

AB1000,,562 typed or printed below their signatures.

AB1000,,563 Termination of statutory terminable

AB1000,,564 marital property classification agreement

AB1000,,565 I UNDERSTAND THAT:

AB1000,,566 1. THIS TERMINATION TAKES EFFECT 30 DAYS AFTER MY SPOUSE IS NOTIFIED OF THE TERMINATION, AS PROVIDED UNDER SECTION 766.588 (4) OF THE WISCONSIN STATUTES.

AB1000,,567 2. THIS TERMINATION IS PROSPECTIVE; IT DOES NOT AFFECT THE CLASSIFICATION OF PROPERTY ACQUIRED BEFORE THE TERMINATION BECOMES EFFECTIVE. PROPERTY ACQUIRED AFTER THE TERMINATION BECOMES EFFECTIVE IS CLASSIFIED AS PROVIDED UNDER THE MARITAL PROPERTY LAW.

AB1000,,568 3. IN GENERAL, THIS TERMINATION IS NOT BINDING ON CREDITORS UNLESS THEY ARE PROVIDED A COPY OF THE TERMINATION BEFORE CREDIT IS EXTENDED.

AB1000,,569 The undersigned terminates the statutory terminable marital property classification agreement entered into by me and my spouse on .... (date last spouse signed the agreement) under section 766.588 of the Wisconsin Statutes.

AB1000,,570 Signature: ....

AB1000,,571 Date: ....

AB1000,,572 Print Name Here: ....

AB1000,,573 Residence Address: ....

AB1000,,574 Schedule “a”

AB1000,,575 Financial Disclosure

AB1000,,576 The following general categories of assets and liabilities are not all inclusive and if other assets or liabilities exist they should be listed. Assets should be listed according to which spouse has title (including assets owned by a spouse or the spouses with one or more third parties) and at their approximate market value.

AB1000,,577 Husband   Wife   Spouse (Name)   Spouse (Name)   Both Names

AB1000,,578 I.   Assets

AB1000,,579 A.   Real estate (gross value)

AB1000,,580 B.   Stocks, bonds and mutual funds

AB1000,,581 C.   Accounts at and certificates or other instruments issued by financial institutions

AB1000,,582 D.   Mortgages, land contracts, promissory notes and cash

AB1000,,583 E.   Partnership interests

AB1000,,584 EL.   Limited liability company interests.

AB1000,,585 F.   Trust interests

AB1000,,586 G.   Livestock, farm products, crops

AB1000,,587 H.   Automobiles and other vehicles

AB1000,,588 I.   Jewelry and personal effects

AB1000,,589 J.   Household furnishings

AB1000,,590 K.   Life insurance and annuities:

AB1000,,591 1.   Face value

AB1000,,592 2.   Cash surrender value

AB1000,,593 L.   Retirement benefits (include value):

AB1000,,594 1.   Pension plans

AB1000,,595 2.   Profit sharing plans

AB1000,,596 3.   HR-10 KEOGH plans

AB1000,,597 4.   IRAs

AB1000,,598 5.   Deferred compensation plans

AB1000,,599 M.   Other assets not listed elsewhere

AB1000,,600 II.   Obligations (total outstanding balance):

AB1000,,601 A.   Mortgages and liens

AB1000,,602 B.   Credit cards

AB1000,,603 C.   Other obligations to financial institutions

AB1000,,604 D.   Alimony, maintenance and child support (per month)

AB1000,,605 E.   Other obligations (such as other obligations to individuals, guarantees, contingent liabilities)

AB1000,,606 III.   Annual compensation for services:

AB1000,,607 (for example, wages and income from self-employment; also include social security,

AB1000,,608 disability and similar income here)

AB1000,,609 (IF YOU NEED ADDITIONAL SPACE,

AB1000,,610 ADD ADDITIONAL SHEETS)

AB1000,229 Section 229. 766.589 (10) (form) 14. of the statutes is amended to read:

AB1000,,612 766.589 (10) (form) 14. IF AFTER ENTERING INTO THIS AGREEMENT ONE OR BOTH OF YOU ESTABLISH A DOMICILE OUTSIDE THIS STATE, YOU ARE URGED TO SEEK LEGAL ADVICE CONCERNING THE CONTINUED EFFECTIVENESS OF THIS AGREEMENT.

AB1000,,613 Statutory terminable individual

AB1000,,614 Property classification agreement

AB1000,,615 (Pursuant to Section 766.589, Wisconsin Statutes)

AB1000,,616 This agreement is entered into by .... and .... (husband and wife who are married) (who intend to marry) (strike one). The parties hereby classify the marital property owned by them when this agreement becomes effective, and property acquired during the term of this agreement which that would otherwise have been marital property, as the individual property of the owning spouse. The parties agree that ownership of such property shall be determined by the name in which the property is held and, if property is not held by either or both spouses, ownership shall be determined as if the parties were unmarried persons when the property was acquired.

AB1000,,617 Upon the death of either spouse the surviving spouse may, except as otherwise provided in a subsequent marital property agreement, and regardless of whether this agreement has terminated, elect against the property of the decedent spouse as provided in section 766.589 (7) of the Wisconsin Statutes.

AB1000,,618 One spouse may terminate this agreement at any time by giving signed notice of termination to the other spouse. Notice of termination by a spouse is given upon personal delivery or when sent by certified mail to the other spouse’s last-known address. The agreement terminates 30 days after such notice is given.

AB1000,,619 The parties (have) (have not) (strike one) completed Schedule “A”, “Financial Disclosure”, attached to this agreement. If Schedule “A” has not been completed, the duration of this agreement is 3 years after both parties have signed the agreement. If Schedule “A” has been completed, the duration of this agreement is not limited to 3 years after it is signed.

AB1000,,620 IF THE DURATION OF THIS AGREEMENT IS NOT TO BE LIMITED TO 3 YEARS, MAKE SURE THAT SCHEDULE “A”, “FINANCIAL DISCLOSURE”, IS COMPLETED AND THAT YOU HAVE REVIEWED THE SCHEDULE BEFORE SIGNING THE AGREEMENT. IF YOU AND YOUR SPOUSE HAVE PREVIOUSLY ENTERED INTO A STATUTORY TERMINABLE INDIVIDUAL PROPERTY CLASSIFICATION AGREEMENT WITH EACH OTHER WHICH WAS EFFECTIVE DURING YOUR PRESENT MARRIAGE AND YOU AND YOUR SPOUSE DID NOT COMPLETE SCHEDULE “A”, YOU MAY NOT EXECUTE THIS AGREEMENT IF YOU DO NOT COMPLETE SCHEDULE “A”.

AB1000,,621 Signature of One Spouse: ....

AB1000,,622 Date: ....

AB1000,,623 Print Name Here: ....

AB1000,,624 Residence Address: ....

AB1000,,625 (Make Sure Your Signature is Authenticated or Acknowledged Below.)

AB1000,,626 Authentication

AB1000,,627 Signature .... authenticated this .... day of ...., .... (year)

AB1000,,628 *....

AB1000,,629 TITLE: MEMBER STATE BAR OF WISCONSIN

AB1000,,630 (If not, .... authorized by s. 706.06, Wis. Stats.)

AB1000,,631 Acknowledgment

AB1000,,632 STATE OF WISCONSIN   )

AB1000,,633 )   ss.

AB1000,,634 .... County   )

AB1000,,635 Personally came before me this .... day of ...., .... (year) the above named .... to me known to be the person who executed the foregoing instrument and acknowledge the same.