766.587 Statutory individual property classification agreement.
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/wi/chapter-766/766-587A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
766.587 Statutory individual property classification agreement.
(1)Generally.
(a)Spouses may execute a statutory individual property classification agreement under this section to classify all the property of the spouses, including property presently owned and property acquired in the future but before the agreement terminates, as the individual property of the owner. Ownership of the property of the spouses is determined as if it were December 31, 1985. Except as provided in this section, s. 766.58 applies to an agreement under this section. Persons intending to marry each other may execute an agreement as if married, but the agreement becomes effective only upon their marriage. The form of the agreement is set forth in sub.
(7).
(b)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 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.