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5Termination of statutory terminable
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6marital 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
9NOTIFIED OF THE TERMINATION, AS PROVIDED UNDER SECTION 766.588
10(4) OF THE WISCONSIN STATUTES.
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2. THIS TERMINATION IS PROSPECTIVE; IT DOES NOT AFFECT THE
12CLASSIFICATION OF PROPERTY ACQUIRED BEFORE THE TERMINATION
13BECOMES EFFECTIVE. PROPERTY ACQUIRED AFTER THE TERMINATION
14BECOMES EFFECTIVE IS CLASSIFIED AS PROVIDED UNDER THE MARITAL
15PROPERTY LAW.
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3. IN GENERAL, THIS TERMINATION IS NOT BINDING ON CREDITORS
17UNLESS THEY ARE PROVIDED A COPY OF THE TERMINATION BEFORE
18CREDIT IS EXTENDED.
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The undersigned terminates the statutory terminable marital property
20classification agreement entered into by me and my spouse on .... (date last spouse
21signed 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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2Financial Disclosure
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The following general categories of assets and liabilities are not all inclusive
4and if other assets or liabilities exist they should be listed. Assets should be listed
5according to which spouse has title (including assets owned by a spouse or the
6spouses with one or more third parties) and at their approximate market value.
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7Husband 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
12instruments issued by financial institutions
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D.
Mortgages, land contracts, promissory notes
14and 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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H.
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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11.
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
12month)
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E.
Other obligations (such as other obligations
14to individuals, guarantees, contingent
15liabilities)
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III.
Annual compensation for services:
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(for example, wages and income from
18self-employment; also include social security,
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disability and similar income here)
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(IF YOU NEED ADDITIONAL SPACE,
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ADD ADDITIONAL SHEETS)
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22Section 229
. 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
24ONE OR BOTH OF YOU ESTABLISH A DOMICILE OUTSIDE THIS STATE, YOU
1ARE URGED TO SEEK LEGAL ADVICE CONCERNING THE CONTINUED
2EFFECTIVENESS OF THIS AGREEMENT.
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3Statutory terminable individual
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4Property 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
7married) (who intend to marry) (strike one). The parties hereby classify the marital
8property owned by them when this agreement becomes effective, and property
9acquired during the term of this agreement
which
that would otherwise have been
10marital property, as the individual property of the owning spouse. The parties agree
11that ownership of such property shall be determined by the name in which the
12property is held and, if property is not held by either or both spouses, ownership shall
13be determined as if the parties were unmarried persons when the property was
14acquired.
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Upon the death of either spouse the surviving spouse may, except as otherwise
16provided in a subsequent marital property agreement, and regardless of whether
17this agreement has terminated, elect against the property of the decedent spouse as
18provided in section 766.589 (7) of the Wisconsin Statutes.
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One spouse may terminate this agreement at any time by giving signed notice
20of termination to the other spouse. Notice of termination by a spouse is given upon
21personal delivery or when sent by certified mail to the other spouse's last-known
22address. 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
24Disclosure", attached to this agreement. If Schedule “A" has not been completed, the
25duration of this agreement is 3 years after both parties have signed the agreement.
1If Schedule “A" has been completed, the duration of this agreement is not limited to
23 years after it is signed.
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IF THE DURATION OF THIS AGREEMENT IS NOT TO BE LIMITED TO 3
4YEARS, MAKE SURE THAT SCHEDULE “A", “FINANCIAL DISCLOSURE", IS
5COMPLETED AND THAT YOU HAVE REVIEWED THE SCHEDULE BEFORE
6SIGNING THE AGREEMENT. IF YOU AND YOUR SPOUSE HAVE PREVIOUSLY
7ENTERED INTO A STATUTORY TERMINABLE INDIVIDUAL PROPERTY
8CLASSIFICATION AGREEMENT WITH EACH OTHER WHICH WAS
9EFFECTIVE DURING YOUR PRESENT MARRIAGE AND YOU AND YOUR
10SPOUSE DID NOT COMPLETE SCHEDULE “A", YOU MAY NOT EXECUTE THIS
11AGREEMENT 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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17Authentication
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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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22Acknowledgment
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STATE OF WISCONSIN
)
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.... County
)
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1Personally came before me this .... day of ...., .... (year) the above named .... to
2me known to be the person who executed the foregoing instrument and acknowledge
3the 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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17Authentication
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Signature .... authenticated this .... day of ...., .... (year)
