AB43: Bill Text

AB43,,9191 (Signatures may be authenticated or

AB43,,9192 acknowledged. Both are not necessary.)

AB43,,9193 *Names of persons signing in any capacity should be

AB43,,9194 typed or printed below their signatures.

AB43,,9195 Termination of statutory terminable

AB43,,9196 marital property classification agreement

AB43,,9197 I UNDERSTAND THAT:

AB43,,9198 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.

AB43,,9199 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.

AB43,,9200 3. IN GENERAL, THIS TERMINATION IS NOT BINDING ON CREDITORS UNLESS THEY ARE PROVIDED A COPY OF THE TERMINATION BEFORE CREDIT IS EXTENDED.

AB43,,9201 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.

AB43,,9202 Signature: ....

AB43,,9203 Date: ....

AB43,,9204 Print Name Here: ....

AB43,,9205 Residence Address: ....

AB43,,9206 Schedule “A”

AB43,,9207 Financial Disclosure

AB43,,9208 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.

AB43,,9209 Husband   Wife   Spouse (Name)   Spouse (Name)   Both Names

AB43,,9210 I.   Assets

AB43,,9211 A.   Real estate (gross value)

AB43,,9212 B.   Stocks, bonds and mutual funds

AB43,,9213 C.   Accounts at and certificates or other instruments issued by financial institutions

AB43,,9214 D.   Mortgages, land contracts, promissory notes and cash

AB43,,9215 E.   Partnership interests

AB43,,9216 EL.   Limited liability company interests.

AB43,,9217 F.   Trust interests

AB43,,9218 G.   Livestock, farm products, crops

AB43,,9219 H.   Automobiles and other vehicles

AB43,,9220 I.   Jewelry and personal effects

AB43,,9221 J.   Household furnishings

AB43,,9222 K.   Life insurance and annuities:

AB43,,9223 1.   Face value

AB43,,9224 2.   Cash surrender value

AB43,,9225 L.   Retirement benefits (include value):

AB43,,9226 1.   Pension plans

AB43,,9227 2.   Profit sharing plans

AB43,,9228 3.   HR-10 KEOGH plans

AB43,,9229 4.   IRAs

AB43,,9230 5.   Deferred compensation plans

AB43,,9231 M.   Other assets not listed elsewhere

AB43,,9232 II.   Obligations (total outstanding balance):

AB43,,9233 A.   Mortgages and liens

AB43,,9234 B.   Credit cards

AB43,,9235 C.   Other obligations to financial institutions

AB43,,9236 D.   Alimony, maintenance and child support (per month)

AB43,,9237 E.   Other obligations (such as other obligations to individuals, guarantees, contingent liabilities)

AB43,,9238 III.   Annual compensation for services:

AB43,,9239 (for example, wages and income from self-employment; also include social security,

AB43,,9240 disability and similar income here)

AB43,,9241 (IF YOU NEED ADDITIONAL SPACE,

AB43,,9242 ADD ADDITIONAL SHEETS)

AB43,3163 Section 3163. 766.589 (10) (form) 14. of the statutes is amended to read:

AB43,,9244 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.

AB43,,9245 Statutory terminable individual

AB43,,9246 Property classification agreement

AB43,,9247 (Pursuant to Section 766.589, Wisconsin Statutes)

AB43,,9248 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.

AB43,,9249 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.

AB43,,9250 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.

AB43,,9251 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.

AB43,,9252 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”.

AB43,,9253 Signature of One Spouse: ....

AB43,,9254 Date: ....

AB43,,9255 Print Name Here: ....

AB43,,9256 Residence Address: ....

AB43,,9257 (Make Sure Your Signature is Authenticated or Acknowledged Below.)

AB43,,9258 Authentication

AB43,,9259 Signature .... authenticated this .... day of ...., .... (year)

AB43,,9260 *....

AB43,,9261 TITLE: MEMBER STATE BAR OF WISCONSIN

AB43,,9262 (If not, .... authorized by s. 706.06, Wis. Stats.)

AB43,,9263 Acknowledgment

AB43,,9264 STATE OF WISCONSIN   )

AB43,,9265 )   ss.

AB43,,9266 .... County   )

AB43,,9267 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.

AB43,,9268 *....

AB43,,9269 Notary Public ...., .... County, Wisconsin.

AB43,,9270 My Commission is permanent.

AB43,,9271 (If not, state expiration date: ...., .... (year))

AB43,,9272 (Signatures may be authenticated or

AB43,,9273 acknowledged. Both are not necessary.)

AB43,,9274 *Names of persons signing in any capacity should be

AB43,,9275 typed or printed below their signatures.

AB43,,9276 Signature of Other Spouse: ....

AB43,,9277 Date: ....

AB43,,9278 Print Name Here: ....

AB43,,9279 Residence Address: ....