Signature .... authenticated this .... day of ...., .... (year)
*....
TITLE: MEMBER STATE BAR OF WISCONSIN
(If not, .... authorized by s.
706.06, Wis. Stats.)
Acknowledgment
STATE OF WISCONSIN )
) ss.
.... County )
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.
*....
Notary Public ...., .... County, Wisconsin.
My Commission is permanent.
(If not, state expiration date: ...., .... (year))
(Signatures may be authenticated or
acknowledged. Both are not necessary.)
*Names of persons signing in any capacity should be
typed or printed below their signatures.
Termination of statutory terminable
marital property classification agreement
I UNDERSTAND THAT:
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.
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.
3. IN GENERAL, THIS TERMINATION IS NOT BINDING ON CREDITORS UNLESS THEY ARE PROVIDED A COPY OF THE TERMINATION BEFORE CREDIT IS EXTENDED.
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.
Signature: ....
Date: ....
Print Name Here: ....
Residence Address: ....
Schedule “a"
Financial Disclosure
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.
Husband Wife Both Names
I. Assets
A. Real estate (gross value)
B. Stocks, bonds and mutual funds
C. Accounts at and certificates or
other instruments issued by
financial institutions
D. Mortgages, land contracts,
promissory notes and cash
E. Partnership interests
EL. Limited liability company interests.
F. Trust interests
G. Livestock, farm products, crops
H. Automobiles and other vehicles
I. Jewelry and personal effects
J. Household furnishings
K. Life insurance and annuities:
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)
766.589
766.589
Statutory terminable individual property classification agreement. 766.589(1)(a)(a) For purposes of determining ownership of property classified by an agreement under this section, a spouse owns property if the property is held by that spouse. If property classified by an agreement under this section is not held by either or both spouses, ownership of the property is determined as if the spouses were unmarried when the property was acquired.
766.589(1)(b)
(b) Spouses may execute an agreement under this section to classify the marital property of the spouses presently owned and property acquired, reclassified or created in the future that would otherwise be marital property, as the individual property of the owner. At the death of the owning spouse, property classified by an agreement under this section is subject to the rights of the surviving spouse under sub.
(7). Except as provided in this section, s.
766.58 applies to an agreement under this section. The form of the agreement is set forth in sub.
(10). Persons intending to marry each other may execute an agreement as if married, but the agreement becomes effective only upon their determination date.
766.589(1)(c)1.1. If at the time an agreement under this section is executed property is held as survivorship marital property, the property is classified as the individual property of the owners and is owned as a joint tenancy. If at the time an agreement under this section is executed property is held in a form as provided under s.
766.60 (1) or
(2), the property is classified as the individual property of the owners and is owned as a tenancy in common. If while an agreement is in effect spouses acquire property as a joint tenancy exclusively between themselves or as survivorship marital property, the property is classified as the individual property of the owners and is owned as a joint tenancy. If while an agreement is in effect spouses acquire property as tenants in common exclusively between themselves, the spouses' respective ownership interests in the property are classified as the individual property of the owners. If while an agreement is in effect spouses acquire property held in a form as provided under s.
766.60 (1) or
(2), the property is classified as the individual property of the owners and is owned as a tenancy in common. An agreement under this section does not affect the incidents under ch.
705 of a joint account, as defined in s.
705.01 (4).
766.589(1)(c)2.
2. For purposes of an agreement under this section, to the extent the incidents of a joint tenancy or tenancy in common conflict with or differ from the incidents of individual property, the incidents of the tenancy in common or joint tenancy, including the incident of survivorship, control.
766.589(2)
(2) Execution. An agreement under this section shall be signed by both parties to the agreement. An agreement under this section is executed when the signature of each party to the agreement is authenticated or acknowledged. The agreement executed shall conform to the requirements under sub.
(10).
766.589(3)
(3) Effective date and effective period. 766.589(3)(a)(a) An agreement under this section is effective when executed or upon the determination date, whichever is later.
766.589(3)(b)
(b) If the spouses have not completed the financial disclosure form under sub.
(10) before or contemporaneously with execution of the agreement, the agreement terminates 3 years after the date that both spouses signed the agreement, unless terminated earlier by one of the spouses under sub.
(4).
766.589(3)(c)
(c) If the spouses have completed the financial disclosure form under sub.
(10), the agreement terminates when the terms of the agreement no longer apply after dissolution or the death of a spouse, unless terminated earlier by one of the spouses under sub.
(4).
766.589(3m)
(3m) Limitation on execution of 3-year agreement. If spouses execute an agreement under this section which becomes effective for any period and, for that agreement, do not complete the financial disclosure form under sub.
(10), the spouses may not execute a subsequent agreement under this section for the same marriage unless the financial disclosure form under sub.
(10) is completed.
766.589(4)
(4) Termination by one spouse; good faith duty.
