1. Face value
2. Cash surrender value
L. Retirement benefits (include value):
1. Pension plans
2. Profit sharing plans
3. HR-10 KEOGH plans
4. IRAs
5. Deferred compensation plans
M. Other assets not listed elsewhere
II. Obligations (total outstanding balance):
A. Mortgages and liens
B. Credit cards
C. Other obligations to financial
institutions
D. Alimony, maintenance and child
support (per month)
E. Other obligations (such as other obligations
to individuals guarantees,
contingent liabilities)
III. Annual compensation for services:
(for example, wages and income from
self-employment; also include social security,
disability and similar income here)
(IF YOU NEED ADDITIONAL SPACE,
ADD ADDITIONAL SHEETS.)
766.59766.59 Unilateral statement; income from nonmarital property. 766.59(1)(1) Except as provided in s. 766.625 (2) (b) 2., a spouse may unilaterally execute a written statement which classifies the income attributable to all or certain of that spouse’s property other than marital property as individual property. 766.59(2)(a)(a) The statement is executed when signed by the executing spouse and acknowledged by a notary. If executed before January 1, 1986, the statement is effective on January 1, 1986, or at a later time if provided otherwise in the statement. If executed on or after January 1, 1986, the statement is effective when executed or at a later time if provided otherwise in the statement. 766.59(2)(b)(b) Within 5 days after the statement is signed, the executing spouse shall notify the other spouse of the statement’s contents by personally delivering a copy to the other spouse or by sending a copy by certified mail to the other spouse’s last-known address. Failure to give notice is a breach of the duty of good faith imposed by s. 766.15. 766.59(3)(3) Any income of the property designated in the statement which accrues on or after the date the statement becomes effective and before a revocation under sub. (4) is individual property. However, a statement only affects income accrued during the marriage during which the statement was executed. 766.59(4)(4) A statement may be revoked in writing by the executing spouse. The revoking spouse shall notify the other spouse of the revocation by personally delivering a copy to the other spouse or by sending a copy by certified mail to the other spouse’s last-known address. The revoking spouse may record the revocation in the county register of deeds office under s. 59.43 (1c) (r). 766.59(5)(5) With respect to its effect on 3rd parties, a statement or a revocation shall be treated as if it were a marital property agreement. 766.59(6)(6) A person intending to marry may execute a statement under this section as if married. A statement executed by a person intending to marry is effective upon the marriage or at a later time if so provided in the statement. Within 5 days after the statement is executed, the person executing the statement shall notify the person whom he or she intends to marry or has married of the statement’s contents by personally delivering a copy of the statement to that person or by sending a copy by certified mail to that person’s address. Failure to give notice is a breach of the duty of good faith imposed by s. 766.15. 766.60766.60 Optional forms of holding property; survivorship ownership. 766.60(1)(1) Spouses may hold marital property in a form that designates the holders of it by the words “(name of one spouse) or (name of other spouse) as marital property”. 766.60(2)(2) Spouses may hold marital property in a form that designates the holder of it by the words “(name of one spouse) and (name of other spouse) as marital property”. 766.60(3)(3) A spouse may hold individual property in a form that designates the holder of it by the words “(name of spouse) as individual property”. 766.60(4)(a)(a) Spouses may hold property in any other form permitted by law, including but not limited to a concurrent form or a form that provides survivorship ownership. Except as provided in par. (b) and except with respect to any remedy a spouse has under this chapter, whether a tenancy in common or joint tenancy was created before or after the determination date, to the extent the incidents of the tenancy in common or joint tenancy conflict with or differ from the incidents of property classification under this chapter, the incidents of the tenancy in common or of the joint tenancy, including the incident of survivorship, control. 766.60(4)(b)1.a.a. If a document of title, instrument of transfer or bill of sale expresses an intent to establish a joint tenancy exclusively between spouses after the determination date, the property is survivorship marital property under sub. (5). 766.60(4)(b)1.b.b. If a document of title, instrument of transfer or bill of sale expresses an intent to establish a tenancy in common exclusively between spouses after the determination date, the property is marital property. 766.60(4)(b)2.2. A joint tenancy or tenancy in common exclusively between spouses which is given to the spouses by a 3rd party after the determination date is survivorship marital property or marital property, respectively, unless the donor provides otherwise. 766.60(5)(a)(a) If the words “survivorship marital property” are used instead of the words “marital property” in the form described in sub. (1) or (2), the marital property so held is survivorship marital property. On the death of a spouse, the ownership rights of that spouse in the property vest solely in the surviving spouse by nontestamentary disposition at death. The first deceased spouse may not dispose at death of any interest in survivorship marital property. Holding marital property in a form described in sub. (1) or (2) does not alone establish survivorship ownership between the spouses with respect to the property held. 766.60(5)(b)(b) A real estate mortgage, a security interest under ch. 409 or a lien under s. 71.91 (5) (b) or ch. 49 or 779 on or against the interest of a spouse in survivorship marital property does not defeat the right of survivorship on the death of the spouse. The surviving spouse takes the interest of the deceased spouse subject to the mortgage, security interest or lien. 766.60(5)(c)(c) A judgment lien on the interest of a spouse in survivorship marital property does not defeat the right of survivorship on the death of the spouse. If execution on the judgment lien was issued before the spouse’s death the surviving spouse takes the interest of the deceased spouse subject to the lien. If execution on the judgment lien was not issued before the spouse’s death, the surviving spouse takes the interest of the deceased spouse free of the judgment lien, unless the judgment lien is on the interests of both spouses in the survivorship marital property and all of the property of the spouses was available under s. 766.55 to satisfy the obligation for which the judgment was rendered. 766.60 AnnotationWhen land contract sellers who owned the property as survivorship marital property received the property back from the buyers by quitclaim deed in lieu of foreclosure, the sellers’ ownership interest could not be changed by the deed to other than survivorship property. Wonka v. Cari, 2001 WI App 274, 249 Wis. 2d 23, 637 N.W.2d 92, 01-0184. 766.60 AnnotationA deed from one joint tenant in property as grantor to the grantor’s spouse and the grantor as grantees is effective to both create survivorship marital property between the spouses in the grantor’s undivided one-half of the property and to sever the joint tenancy between the original joint tenants in the property. Marchel v. Estate of Marchel, 2013 WI App 100, 349 Wis. 2d 707, 838 N.W.2d 97, 12-2131. 766.605766.605 Classification of homestead. A homestead acquired after the determination date which, when acquired, is held exclusively between spouses with no 3rd party is survivorship marital property if no intent to the contrary is expressed on the instrument of transfer or in a marital property agreement. A homestead may be reclassified under s. 766.31 (10). 766.605 AnnotationThe statutory definitions of homestead in ss. 71.52 (3), 706.01 (7), and 990.01 (13) (a) control the meaning of homestead in this section and, accordingly, required a conclusion that the property in this case became a homestead when there was a dwelling on it, occupied by the parties, which occurred after the determination date: the couple’s wedding. As such, the homestead was “held exclusively” between them, as spouses, “when acquired” and was survivorship marital property under this section. Droukas v. Estate of Felhofer, 2014 WI App 6, 352 Wis. 2d 380, 843 N.W.2d 57, 13-0147. 766.605 AnnotationA warranty deed to 2 grantees as “single persons” did not express an intent to classify the property as something other than survivorship marital property when the grantees subsequently married. The use of the phrase “single persons” simply described a fact: that at the time they purchased the vacant lot, the grantees were not married. “Single persons” does not represent a classification of property ownership of any kind, to wit, tenancy in common, joint tenancy, marital property, or any other recognized classification. Droukas v. Estate of Felhofer, 2014 WI App 6, 352 Wis. 2d 380, 843 N.W.2d 57, 13-0147. 766.61766.61 Classification of life insurance policies and proceeds. 766.61(1)(a)(a) “Owner” means a person appearing on the records of the policy issuer as the person having the ownership interest, or means the insured if no person other than the insured appears on those records as a person having that interest. In the case of group insurance, the term means the holder of each individual certificate of coverage under the group plan and does not include the person who contracted with the policy issuer on behalf of the group, regardless of whether that person is listed as the owner on the contract. 766.61(1)(b)(b) Except as provided in sub. (3) (e), “ownership interest” means the rights of an owner under a policy. 766.61(1)(c)(c) “Policy” means an insurance policy insuring the life of a spouse and providing for payment of death benefits at the spouse’s death and, for purposes of sub. (3) (e), the term includes an insurance policy insuring the life of any individual and providing for payment of death benefits at the death of the insured. This paragraph does not apply to sub. (2). 766.61(1)(d)(d) “Proceeds” means the death benefit from a policy and all other economic benefits from it, whether they accrue or become payable as a result of the death of an insured person or upon the occurrence or nonoccurrence of another event. 766.61(2)(a)2.2. “Notice of claim” means a written notice, by or on behalf of a spouse, former spouse, surviving spouse or a person claiming under a deceased spouse’s disposition at death, that the person claims to be entitled to proceeds, payments or an interest in the policy. 766.61(2)(a)3.3. “Policy” means an insurance policy insuring the life of a spouse or a life insurance policy of which a spouse is the owner. 766.61(2)(b)1.1. A policy issuer may rely on and act in accordance with the issuer’s policy and records. If a policy issuer makes payments or takes actions in accordance with the policy and the issuer’s records, the issuer is not liable because of those payments or actions. 766.61(2)(b)2.2. The classification of a policy or a portion of a policy as marital property has no effect on the policy issuer’s duty to perform under the issuer’s contract when making payment or taking action in accordance with the policy and the issuer’s records. 766.61(2)(c)1.1. If at least 5 business days before making payment or taking action in accordance with the issuer’s policy and records, a policy issuer has received at its home office a notice of claim, the issuer shall notify the party directing the payment or action of the receipt of the notice of claim and shall not take any action on the policy for 14 business days. 766.61(2)(c)2.2. If within 14 business days after receiving the notice of claim the issuer receives at its home office, as purporting to support the notice of claim, a decree, marital property agreement, written directive signed by the beneficiary and surviving spouse, consent under sub. (3) (e) or proof that a legal action has been filed, including a copy of an election filed pursuant to s. 861.08 (1), to secure an interest as evidenced in such a document, the issuer shall make payment or take action on the policy after the issuer receives from a court or from the claimant and the person directing action or payment written documentation indicating that the dispute has been resolved. 766.61(2)(c)3.3. If documentation purporting to support the claim is not submitted as described under subd. 2., the policy issuer shall take action or make payment as if the notice of claim had not been received. 766.61(2)(d)(d) A policy issuer is not liable to any person for any claim for damages as a result of the issuer’s suspension of policy action or the taking of any action pursuant to this subsection. A policy issuer shall pay interest which accrues during the suspension of any action under this subsection. 766.61(2m)(a)(a) In determining the marital property component of the ownership interest and proceeds of a policy under sub. (3), the date on which a policy becomes effective is the date of original issuance or coverage of the policy, whichever is earlier, if the policy is thereafter kept in force merely by continuing premium payments, without any further underwriting by the issuer. If additional underwriting is required after original issuance of the policy or if the amount of proceeds increases after original issuance as a result of unscheduled additional premiums paid by the policyholder, the effective date of the policy is the date on which the newly underwritten right to proceeds or the right to increased proceeds begins. 766.61(2m)(b)(b) In determining the marital property component of the ownership interest and proceeds of a group policy sponsored by an employer or association under sub. (3), the date on which the policy becomes effective is the date on which individual coverage begins, notwithstanding that the employer or association thereafter changes policy issuers or that the amount of coverage changes under the policy pursuant to the plan or benefit offered by the employer or association. If additional underwriting is required after original issuance of the policy, or if the coverage is provided by a different employer or association, the effective date of the policy is the date on which the newly underwritten or newly provided coverage begins. 766.61(3)(a)1.1. Except as provided in subd. 2., the ownership interest and proceeds of a policy issued after the determination date which designates the insured as the owner are marital property, regardless of the classification of property used to pay premiums on the policy. 766.61(3)(a)2.2. If after the issuance of a policy described under subd. 1. the insured or his or her spouse are at any time not domiciled in this state, the ownership interest and proceeds of the policy are mixed property. The marital property component of the ownership interest and proceeds is the amount which results from multiplying the entire ownership interest and proceeds by a fraction, the numerator of which is the period during marriage that the policy was in effect and the denominator of which is the entire period that the policy was in effect. 766.61(3)(b)(b) The ownership interest and proceeds of a policy issued before the determination date which designates the insured as the owner are mixed property if a premium on the policy is paid from marital property after the determination date, regardless of the classification of property used to pay premiums on that policy after the initial payment of a premium on it from marital property. The marital property component of the ownership interest and proceeds is the amount which results from multiplying the entire ownership interest and proceeds by a fraction, the numerator of which is the period during marriage that the policy was in effect after the date on which a premium was paid from marital property and the denominator of which is the entire period that the policy was in effect.
