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12Termination of statutory terminable
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13marital property classification agreement
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I UNDERSTAND THAT:
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1. THIS TERMINATION TAKES EFFECT 30 DAYS AFTER MY SPOUSE IS
16NOTIFIED OF THE TERMINATION, AS PROVIDED UNDER SECTION 766.588
17(4) OF THE WISCONSIN STATUTES.
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2. THIS TERMINATION IS PROSPECTIVE; IT DOES NOT AFFECT THE
19CLASSIFICATION OF PROPERTY ACQUIRED BEFORE THE TERMINATION
20BECOMES EFFECTIVE. PROPERTY ACQUIRED AFTER THE TERMINATION
21BECOMES EFFECTIVE IS CLASSIFIED AS PROVIDED UNDER THE MARITAL
22PROPERTY LAW.
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3. IN GENERAL, THIS TERMINATION IS NOT BINDING ON CREDITORS
24UNLESS THEY ARE PROVIDED A COPY OF THE TERMINATION BEFORE
25CREDIT IS EXTENDED.
SB566,52,3
1The undersigned terminates the statutory terminable marital property
2classification agreement entered into by me and my spouse on .... (date last spouse
3signed the agreement) under section 766.588 of the Wisconsin Statutes.
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Signature: ....
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Print Name Here: ....
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Residence Address: ....
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9Financial Disclosure
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The following general categories of assets and liabilities are not all inclusive
11and if other assets or liabilities exist they should be listed. Assets should be listed
12according to which spouse has title (including assets owned by a spouse or the
13spouses with one or more third parties) and at their approximate market value.
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14Husband Wife
Spouse (Name) Spouse (Name) Both Names
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A.
Real estate (gross value)
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B.
Stocks, bonds and mutual funds
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C.
Accounts at and certificates or other
19instruments issued by financial institutions
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D.
Mortgages, land contracts, promissory notes
21and cash
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E.
Partnership interests
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EL.
Limited liability company interests
.
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F.
Trust interests
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G.
Livestock, farm products, crops
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1H.
Automobiles and other vehicles
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I.
Jewelry and personal effects
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J.
Household furnishings
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K.
Life insurance and annuities:
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1.
Face value
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2.
Cash surrender value
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L.
Retirement benefits (include value):
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1.
Pension plans
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2.
Profit sharing plans
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3.
HR-10 KEOGH plans
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5.
Deferred compensation plans
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M.
Other assets not listed elsewhere
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II.
Obligations (total outstanding balance):
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A.
Mortgages and liens
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B.
Credit cards
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C.
Other obligations to financial institutions
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D.
Alimony, maintenance and child support (per
19month)
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E.
Other obligations (such as other obligations
21to individuals, guarantees, contingent
22liabilities)
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III.
Annual compensation for services:
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(for example, wages and income from
25self-employment; also include social security,
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1disability and similar income here)
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(IF YOU NEED ADDITIONAL SPACE,
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ADD ADDITIONAL SHEETS)
SB566,137
4Section 137
. 766.589 (10) (form) 14. of the statutes is amended to read:
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766.589
(10) (form) 14. IF AFTER ENTERING INTO THIS AGREEMENT
6ONE OR BOTH OF YOU ESTABLISH A DOMICILE OUTSIDE THIS STATE, YOU
7ARE URGED TO SEEK LEGAL ADVICE CONCERNING THE CONTINUED
8EFFECTIVENESS OF THIS AGREEMENT.
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9Statutory terminable individual
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10Property classification agreement
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(Pursuant to Section 766.589, Wisconsin Statutes)
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This agreement is entered into by .... and .... (
husband and wife who are
13married) (who intend to marry) (strike one). The parties hereby classify the marital
14property owned by them when this agreement becomes effective, and property
15acquired during the term of this agreement
which
that would otherwise have been
16marital property, as the individual property of the owning spouse. The parties agree
17that ownership of such property shall be determined by the name in which the
18property is held and, if property is not held by either or both spouses, ownership shall
19be determined as if the parties were unmarried persons when the property was
20acquired.
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Upon the death of either spouse the surviving spouse may, except as otherwise
22provided in a subsequent marital property agreement, and regardless of whether
23this agreement has terminated, elect against the property of the decedent spouse as
24provided in section 766.589 (7) of the Wisconsin Statutes.
SB566,55,4
1One spouse may terminate this agreement at any time by giving signed notice
2of termination to the other spouse. Notice of termination by a spouse is given upon
3personal delivery or when sent by certified mail to the other spouse's last-known
4address. The agreement terminates 30 days after such notice is given.
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The parties (have) (have not) (strike one) completed Schedule “A", “
Financial
6Disclosure", attached to this agreement. If Schedule “A" has not been completed, the
7duration of this agreement is 3 years after both parties have signed the agreement.
8If Schedule “A" has been completed, the duration of this agreement is not limited to
93 years after it is signed.
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IF THE DURATION OF THIS AGREEMENT IS NOT TO BE LIMITED TO 3
11YEARS, MAKE SURE THAT SCHEDULE “A", “FINANCIAL DISCLOSURE", IS
12COMPLETED AND THAT YOU HAVE REVIEWED THE SCHEDULE BEFORE
13SIGNING THE AGREEMENT. IF YOU AND YOUR SPOUSE HAVE PREVIOUSLY
14ENTERED INTO A STATUTORY TERMINABLE INDIVIDUAL PROPERTY
15CLASSIFICATION AGREEMENT WITH EACH OTHER WHICH WAS
16EFFECTIVE DURING YOUR PRESENT MARRIAGE AND YOU AND YOUR
17SPOUSE DID NOT COMPLETE SCHEDULE “A", YOU MAY NOT EXECUTE THIS
18AGREEMENT IF YOU DO NOT COMPLETE SCHEDULE “A".
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Signature of One Spouse: ....
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Print Name Here: ....
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Residence Address: ....
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(Make Sure Your Signature is Authenticated or Acknowledged Below.)
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24Authentication
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Signature .... authenticated this .... day of ...., .... (year)
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TITLE: MEMBER STATE BAR OF WISCONSIN
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(If not, .... authorized by s. 706.06, Wis. Stats.)
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4Acknowledgment
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STATE OF WISCONSIN
)
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.... County
)
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Personally came before me this .... day of ...., .... (year) the above named .... to
9me known to be the person who executed the foregoing instrument and acknowledge
10the same.
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Notary Public ...., .... County, Wisconsin.
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My Commission is permanent.
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(If not, state expiration date: ...., .... (year))
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(Signatures may be authenticated or
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acknowledged. Both are not necessary.)
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*Names of persons signing in any capacity should be
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typed or printed below their signatures.
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Signature of Other Spouse: ....
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Print Name Here: ....
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Residence Address: ....
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(Make Sure Your Signature is Authenticated or Acknowledged Below.)
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24Authentication
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Signature .... authenticated this .... day of ...., .... (year)
