PROPERTY RIGHTS OF MARRIED PERSONS; MARITAL PROPERTY
Liberal construction; intent.
Responsibility between spouses.
Variation by marital property agreement.
Classification of property of spouses.
Management and control of property of spouses.
Gifts of marital property to 3rd persons.
Obligations of spouses.
Obligations of spouses under open-end plans.
Credit transactions with married persons.
Relationship to consumer act.
Protection of bona fide purchasers dealing with spouses.
Protection of trustees dealing with spouses.
Marital property agreements.
Marital property agreements before determination date.
Statutory individual property classification agreement.
Statutory terminable marital property classification agreement.
Statutory terminable individual property classification agreement.
Unilateral statement; income from nonmarital property.
Optional forms of holding property; survivorship ownership.
Classification of homestead.
Classification of life insurance policies and proceeds.
Classification of deferred employment benefits.
Treatment of certain property at dissolution.
Rules of construction.
Uniformity of application and construction.
Equal rights; common law disabilities.
Ch. 766 Note
Chapter 766 was created by 1983 Wis. Act 186
and affected by 1985 Wis. Act 37
. Act 37 contains a prefatory note and explanatory notes following most of the sections affected by the act. These notes are not included. The notes in Act 37 were prepared by the legislative council and revised by its staff after the legislature adopted a conference substitute amendment to the original bill. Legislative council information memorandum 85-7, part I, contains original and supplemental explanatory notes to the marital property implementation law, 1985 Wis. Act 37
. Part II of the memorandum contains supplemental explanatory notes to the tax provisions of the marital property implementation law, 1985 Wis. Acts 29
Ch. 766 Note
See also 1987 Wis. Act 393
, which contains a prefatory note and explanatory notes following the sections affected.
Liberal construction; intent. 766.001(1)(1)
This chapter is remedial in nature and shall be liberally construed, consistent with s. 766.96
It is the intent of the legislature that marital property is a form of community property.
History: 1983 a. 186
; 1985 a. 37
Chapter 766, the Marital Property Act, does not supplant divorce property division provisions. In re Marriage of Kuhlman v. Kuhlman, 146 Wis. 2d 588
, 432 N.W.2d 295
(Ct. App. 1988).
Anthology of articles and comments on the marital property act. 68 MLR No. 3 (1985).
A brief overview: The new Wisconsin marital property act. Weisberger and Wilcox. WBB July, 1984.
The marital property law. WBB July, 1984.
The trailer bill: A survey of the 1985 amendments to the Wisconsin marital property act. Furrh, WBB December, 1985.
Estate planning under Wisconsin's marital property act. Erlanger, Hughes and Weisberger, WBB February, 1986.
In this chapter:
“Acquiring" property includes reducing indebtedness on encumbered property and obtaining a lien on or security interest in property.
“Appreciation" means a realized or unrealized increase in the value of property.
Except as provided in pars. (b)
, “credit" means the right granted by a creditor to defer payment of a debt, incur debt and defer its payment or purchase property or services and defer payment for the property or services.
Except as provided in pars. (b)
, “creditor" means a person that regularly extends credit.
“Decree" means a judgment or other order of a court.
“Deferred employment benefit" means a benefit from a deferred employment benefit plan.
“Deferred employment benefit plan" means a plan, fund, program or other arrangement under which compensation or benefits from employment are expressly, or as a result of surrounding circumstances, deferred to a later date or the happening of a future event. “Deferred employment benefit plan" includes but is not limited to a pension, profit sharing or stock-bonus plan, an employee stock-ownership or stock-purchase plan, a savings or thrift plan, an annuity plan, a qualified bond-purchase plan, a self-employed retirement plan, a simplified employee pension and a deferred compensation agreement or plan.
“Deferred employment benefit plan" does not include life, health, accident or other insurance or a plan, fund, program or other arrangement providing benefits similar to insurance benefits, except to the extent that benefits under the plan:
Have a present value that is immediately realizable in cash at the option of the employee;
Represent a right to compensation for loss of income during disability; or
Represent a right to payment of expenses incurred before time of valuation.
“Determination date" means the last to occur of the following:
12:01 a.m. on the date that both spouses are domiciled in this state.
“Disposition at death" means transfer of property by will, intestate succession, nontestamentary transfer or other means that takes effect at the transferor's death.
“Dissolution" means termination of a marriage by a decree of dissolution, divorce, annulment or declaration of invalidity or entry of a decree of legal separation or separate maintenance. The term does not include a decree resulting from an action available under ch. 767
which is not an annulment, a divorce or a legal separation.
“During marriage" means a period in which both spouses are domiciled in this state that begins at the determination date and ends at dissolution or at the death of a spouse.
Except as provided in pars. (b)
, property is “held" by a person only if a document of title to the property is registered, recorded or filed in a public office in the name of the person or a writing that customarily operates as a document of title to the type of property is issued for the property in the person's name.
An account is “held" by the person who, by the terms of the account, has a present right, subject to request, to payment from the account other than as an agent. Accounts that are so “held" include accounts under s. 705.01 (1)
and brokerage accounts.
An uncertificated security, as defined under s. 408.102 (1) (r)
, is “held" by the person identified as the registered owner of the security upon books maintained for that purpose by or on behalf of the issuer. If the registered owner of an uncertificated security is identified as a brokerage account, the security is “held" as provided under par. (b)
“Income" means wages, salaries, commissions, bonuses, gratuities, payments in kind, deferred employment benefits, proceeds, other than death benefits, of any health, accident or disability insurance policy or of any plan, fund, program or other arrangement providing benefits similar to those forms of insurance, other economic benefits having value attributable to the effort of a spouse, dividends, dividends on life insurance and annuity contracts to the extent that the aggregate of the dividends exceeds the aggregate premiums paid, interest, income distributed from trusts and estates, and net rents and other net returns attributable to investment, rental, licensing or other use of property, unless attributable to a return of capital or to appreciation.
“Management and control" means the right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, institute or defend a civil action regarding or otherwise deal with property as if it were property of an unmarried person.
A person has “notice" of a fact if the person has knowledge of it, receives a notification of it, or has reason to know that it exists from the facts and circumstances known to the person.
“Property" means an interest, present or future, legal or equitable, vested or contingent, in real or personal property, including digital property, as defined in s. 711.03 (10)
“Written consent" means a document signed by a person against whose interests it is sought to be enforced.
From Common Law Property to Community Property: Wisconsin's Marital Property Act Four Years Later. Erlanger and Weisberger. 1990 WLR 769.