SB70: Bill Text

SB70,,9220 H.   Automobiles and other vehicles

SB70,,9221 I.   Jewelry and personal effects

SB70,,9222 J.   Household furnishings

SB70,,9223 K.   Life insurance and annuities:

SB70,,9224 1.   Face value

SB70,,9225 2.   Cash surrender value

SB70,,9226 L.   Retirement benefits (include value):

SB70,,9227 1.   Pension plans

SB70,,9228 2.   Profit sharing plans

SB70,,9229 3.   HR-10 KEOGH plans

SB70,,9230 4.   IRAs

SB70,,9231 5.   Deferred compensation plans

SB70,,9232 M.   Other assets not listed elsewhere

SB70,,9233 II.   Obligations (total outstanding balance):

SB70,,9234 A.   Mortgages and liens

SB70,,9235 B.   Credit cards

SB70,,9236 C.   Other obligations to financial institutions

SB70,,9237 D.   Alimony, maintenance and child support (per month)

SB70,,9238 E.   Other obligations (such as other obligations to individuals, guarantees, contingent liabilities)

SB70,,9239 III.   Annual compensation for services:

SB70,,9240 (for example, wages and income from self-employment; also include social security,

SB70,,9241 disability and similar income here)

SB70,,9242 (IF YOU NEED ADDITIONAL SPACE,

SB70,,9243 ADD ADDITIONAL SHEETS)

SB70,3163 Section 3163. 766.589 (10) (form) 14. of the statutes is amended to read:

SB70,,9245 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.

SB70,,9246 Statutory terminable individual

SB70,,9247 Property classification agreement

SB70,,9248 (Pursuant to Section 766.589, Wisconsin Statutes)

SB70,,9249 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.

SB70,,9250 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.

SB70,,9251 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.

SB70,,9252 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.

SB70,,9253 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”.

SB70,,9254 Signature of One Spouse: ....

SB70,,9255 Date: ....

SB70,,9256 Print Name Here: ....

SB70,,9257 Residence Address: ....

SB70,,9258 (Make Sure Your Signature is Authenticated or Acknowledged Below.)

SB70,,9259 Authentication

SB70,,9260 Signature .... authenticated this .... day of ...., .... (year)

SB70,,9261 *....

SB70,,9262 TITLE: MEMBER STATE BAR OF WISCONSIN

SB70,,9263 (If not, .... authorized by s. 706.06, Wis. Stats.)

SB70,,9264 Acknowledgment

SB70,,9265 STATE OF WISCONSIN   )

SB70,,9266 )   ss.

SB70,,9267 .... County   )

SB70,,9268 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.

SB70,,9269 *....

SB70,,9270 Notary Public ...., .... County, Wisconsin.

SB70,,9271 My Commission is permanent.

SB70,,9272 (If not, state expiration date: ...., .... (year))

SB70,,9273 (Signatures may be authenticated or

SB70,,9274 acknowledged. Both are not necessary.)

SB70,,9275 *Names of persons signing in any capacity should be

SB70,,9276 typed or printed below their signatures.

SB70,,9277 Signature of Other Spouse: ....

SB70,,9278 Date: ....

SB70,,9279 Print Name Here: ....

SB70,,9280 Residence Address: ....

SB70,,9281 (Make Sure Your Signature is Authenticated or Acknowledged Below.)

SB70,,9282 Authentication

SB70,,9283 Signature .... authenticated this .... day of ...., .... (year)

SB70,,9284 *....

SB70,,9285 TITLE: MEMBER STATE BAR OF WISCONSIN

SB70,,9286 (If not, .... authorized by s. 706.06, Wis. Stats.)

SB70,,9287 Acknowledgment

SB70,,9288 STATE OF WISCONSIN   )

SB70,,9289 )   ss.

SB70,,9290 .... County   )

SB70,,9291 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.

SB70,,9292 *....

SB70,,9293 Notary Public ...., .... County, Wisconsin.

SB70,,9294 My Commission is permanent.

SB70,,9295 (If not, state expiration date: ...., .... (year))

SB70,,9296 (Signatures may be authenticated or

SB70,,9297 acknowledged. Both are not necessary.)

SB70,,9298 *Names of persons signing in any capacity should

SB70,,9299 be typed or printed below their signatures.

SB70,,9300 Termination of

SB70,,9301 Statutory terminable individual

SB70,,9302 Property classification agreement

SB70,,9303 I UNDERSTAND THAT:

SB70,,9304 1. THIS TERMINATION TAKES EFFECT 30 DAYS AFTER MY SPOUSE IS NOTIFIED OF THE TERMINATION, AS PROVIDED UNDER SECTION 766.589 (4) OF THE WISCONSIN STATUTES.

SB70,,9305 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.

SB70,,9306 3. IN GENERAL, THIS TERMINATION IS NOT BINDING ON CREDITORS UNLESS THEY ARE PROVIDED A COPY OF THE TERMINATION BEFORE CREDIT IS EXTENDED.

SB70,,9307 The undersigned terminates the statutory terminable individual property classification agreement entered into by me and my spouse on .... (date last spouse signed the agreement) under section 766.589 of the Wisconsin Statutes.

SB70,,9308 Signature: ....