SB907: Bill Text

SB907,,496 STATUTORY INDIVIDUAL PROPERTY CLASSIFICATION AGREEMENT

SB907,,497 (Pursuant to Section 766.587, Wisconsin Statutes)

SB907,,498 This agreement is made and entered into by .... and ...., (husband and wife who are married) (who intend to marry) (strike one).

SB907,,499 The parties to this agreement agree to classify all their property, including property owned by them now and property acquired before January 1, 1987, as the individual property of the owning spouse, and agree that ownership of their property shall be determined as if it were December 31, 1985.

SB907,,500 This agreement terminates on January 1, 1987.

SB907,,501 Signature .... Date ....

SB907,,502 Print Name Here: ....

SB907,,503 Address: ....

SB907,,504 Signature .... Date ....

SB907,,505 Print Name Here: ....

SB907,,506 Address: ....

SB907,,507 [Note: Each spouse should retain a copy of the agreement for himself or herself.]

SB907,228 Section 228. 766.588 (9) (form) 13. of the statutes is amended to read:

SB907,,509 766.588 (9) (form) 13. 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.

SB907,,510 Statutory terminable marital

SB907,,511 Property classification agreement

SB907,,512 (Pursuant to Section 766.588, Wisconsin Statutes)

SB907,,513 This agreement is entered into by .... and .... (husband and wife who are married) (who intend to marry) (strike one). The parties hereby classify all of the property owned by them when this agreement becomes effective, and property acquired during the term of this agreement, as marital property.

SB907,,514 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.

SB907,,515 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.

SB907,,516 IF THE DURATION OF THIS AGREEMENT IS NOT TO BE LIMITED TO 3 YEARS, MAKE SURE 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 MARITAL 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”.

SB907,,517 Signature of One Spouse: ....

SB907,,518 Date: ....

SB907,,519 Print Name Here: ....

SB907,,520 Residence Address: ....

SB907,,521 (Make Sure Your Signature is Authenticated or Acknowledged Below.)

SB907,,522 Authentication

SB907,,523 Signature .... authenticated this .... day of ...., .... (year)

SB907,,524 *....

SB907,,525 TITLE: MEMBER STATE BAR OF WISCONSIN

SB907,,526 (If not, .... authorized by s. 706.06, Wis. Stats.)

SB907,,527 Acknowledgment

SB907,,528 STATE OF WISCONSIN   )

SB907,,529 )   ss.

SB907,,530 .... County   )

SB907,,531 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.

SB907,,532 *....

SB907,,533 Notary Public ...., .... County, Wisconsin.

SB907,,534 My Commission is permanent.

SB907,,535 (If not, state expiration date: ...., .... (year))

SB907,,536 (Signatures may be authenticated or

SB907,,537 acknowledged. Both are not necessary.)

SB907,,538 *Names of persons signing in any capacity should be

SB907,,539 typed or printed below their signatures.

SB907,,540 Signature of Other Spouse: ....

SB907,,541 Date: ....

SB907,,542 Print Name Here: ....

SB907,,543 Residence Address: ....

SB907,,544 (Make Sure Your Signature is Authenticated or Acknowledged Below.)

SB907,,545 Authentication

SB907,,546 Signature .... authenticated this .... day of ...., .... (year)

SB907,,547 *....

SB907,,548 TITLE: MEMBER STATE BAR OF WISCONSIN

SB907,,549 (If not, .... authorized by s. 706.06, Wis. Stats.)

SB907,,550 Acknowledgment

SB907,,551 STATE OF WISCONSIN   )

SB907,,552 )   ss.

SB907,,553 .... County   )

SB907,,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.

SB907,,555 *....

SB907,,556 Notary Public ...., .... County, Wisconsin.

SB907,,557 My Commission is permanent.

SB907,,558 (If not, state expiration date: ...., .... (year))

SB907,,559 (Signatures may be authenticated or

SB907,,560 acknowledged. Both are not necessary.)

SB907,,561 *Names of persons signing in any capacity should be

SB907,,562 typed or printed below their signatures.

SB907,,563 Termination of statutory terminable

SB907,,564 marital property classification agreement

SB907,,565 I UNDERSTAND THAT:

SB907,,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.

SB907,,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.

SB907,,568 3. IN GENERAL, THIS TERMINATION IS NOT BINDING ON CREDITORS UNLESS THEY ARE PROVIDED A COPY OF THE TERMINATION BEFORE CREDIT IS EXTENDED.

SB907,,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.

SB907,,570 Signature: ....

SB907,,571 Date: ....

SB907,,572 Print Name Here: ....

SB907,,573 Residence Address: ....

SB907,,574 Schedule “a”

SB907,,575 Financial Disclosure

SB907,,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.

SB907,,577 Husband   Wife   Spouse (Name)   Spouse (Name)   Both Names

SB907,,578 I.   Assets

SB907,,579 A.   Real estate (gross value)

SB907,,580 B.   Stocks, bonds and mutual funds

SB907,,581 C.   Accounts at and certificates or other instruments issued by financial institutions

SB907,,582 D.   Mortgages, land contracts, promissory notes and cash

SB907,,583 E.   Partnership interests

SB907,,584 EL.   Limited liability company interests.