SB566: Bill Text

SB566,54,1 disability and similar income here)

SB566,54,2 (IF YOU NEED ADDITIONAL SPACE,

SB566,54,3 ADD ADDITIONAL SHEETS)

SB566,137 Section 137 . 766.589 (10) (form) 14. of the statutes is amended to read:

SB566,54,8 766.589 (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.

SB566,54,9 Statutory terminable individual

SB566,54,10 Property classification agreement

SB566,54,11 (Pursuant to Section 766.589, Wisconsin Statutes)

SB566,54,20 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.

SB566,54,24 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.

SB566,55,4 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.

SB566,55,9 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.

SB566,55,18 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".

SB566,55,19 Signature of One Spouse: ....

SB566,55,20 Date: ....

SB566,55,21 Print Name Here: ....

SB566,55,22 Residence Address: ....

SB566,55,23 (Make Sure Your Signature is Authenticated or Acknowledged Below.)

SB566,55,24 Authentication

SB566,55,25 Signature .... authenticated this .... day of ...., .... (year)

SB566,56,1 *....

SB566,56,2 TITLE: MEMBER STATE BAR OF WISCONSIN

SB566,56,3 (If not, .... authorized by s. 706.06, Wis. Stats.)

SB566,56,4 Acknowledgment

SB566,56,5 STATE OF WISCONSIN   )

SB566,56,6 )   ss.

SB566,56,7 .... County   )

SB566,56,10 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.

SB566,56,11 *....

SB566,56,12 Notary Public ...., .... County, Wisconsin.

SB566,56,13 My Commission is permanent.

SB566,56,14 (If not, state expiration date: ...., .... (year))

SB566,56,15 (Signatures may be authenticated or

SB566,56,16 acknowledged. Both are not necessary.)

SB566,56,17 *Names of persons signing in any capacity should be

SB566,56,18 typed or printed below their signatures.

SB566,56,19 Signature of Other Spouse: ....

SB566,56,20 Date: ....

SB566,56,21 Print Name Here: ....

SB566,56,22 Residence Address: ....

SB566,56,23 (Make Sure Your Signature is Authenticated or Acknowledged Below.)

SB566,56,24 Authentication

SB566,56,25 Signature .... authenticated this .... day of ...., .... (year)

SB566,57,1 *....

SB566,57,2 TITLE: MEMBER STATE BAR OF WISCONSIN

SB566,57,3 (If not, .... authorized by s. 706.06, Wis. Stats.)

SB566,57,4 Acknowledgment

SB566,57,5 STATE OF WISCONSIN   )

SB566,57,6 )   ss.

SB566,57,7 .... County   )

SB566,57,10 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.

SB566,57,11 *....

SB566,57,12 Notary Public ...., .... County, Wisconsin.

SB566,57,13 My Commission is permanent.

SB566,57,14 (If not, state expiration date: ...., .... (year))

SB566,57,15 (Signatures may be authenticated or

SB566,57,16 acknowledged. Both are not necessary.)

SB566,57,17 *Names of persons signing in any capacity should

SB566,57,18 be typed or printed below their signatures.

SB566,57,19 Termination of

SB566,57,20 Statutory terminable individual

SB566,57,21 Property classification agreement

SB566,57,22 I UNDERSTAND THAT:

SB566,57,25 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.

SB566,58,5 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.

SB566,58,8 3. IN GENERAL, THIS TERMINATION IS NOT BINDING ON CREDITORS UNLESS THEY ARE PROVIDED A COPY OF THE TERMINATION BEFORE CREDIT IS EXTENDED.

SB566,58,11 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.

SB566,58,12 Signature: ....

SB566,58,13 Date: ....

SB566,58,14 Print Name Here: ....

SB566,58,15 Residence Address: ....

SB566,58,16 Schedule “A"

SB566,58,17 Financial Disclosure

SB566,58,21 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.

SB566,58,22 Husband   Wife   Spouse (Name)   Spouse (Name)   Both Names

SB566,58,23 I.   Assets:

SB566,58,24 A.   Real estate (gross value)

SB566,58,25 B.   Stocks, bonds and mutual funds

SB566,59,2 C.   Accounts at and certificates and other instruments issued by financial institutions

SB566,59,4 D.   Mortgages, land contracts, promissory notes and cash

SB566,59,5 E.   Partnership interests

SB566,59,6 EL.   Limited liability company interests

SB566,59,7 F.   Trust interests

SB566,59,8 G.   Livestock, farm products, crops

SB566,59,9 H.   Automobiles and other vehicles

SB566,59,10 I.   Jewelry and personal effects

SB566,59,11 J.   Household furnishings

SB566,59,12 K.   Life insurance and annuities:

SB566,59,13 1.   Face value