766.588 Statutory terminable marital property classification agreement.

653 words·~3 min read·/wi/chapter-766/766-588-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Generally.

(a)Spouses may execute an agreement under this section to classify the property of the spouses presently owned and property acquired, reclassified or created in the future, as marital property. 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.

(9). Persons intending to marry each other may execute an agreement as if married, but the agreement becomes effective only upon their determination date.

(b)Notwithstanding an agreement under this section:

1. The marital property interest of the nonemployee spouse in a deferred employment benefit plan or in assets in an individual retirement account that are traceable to the rollover of a deferred employment benefit plan terminates at the death of the nonemployee spouse if he or she predeceases the employee spouse; and

2. The marital property interest of a decedent spouse in a life insurance policy which designates the surviving spouse as the owner and insured is limited as provided under s. 766.61

(7).

1. If property is held as survivorship marital property under s. 766.60

(a)or 766.605 at the time an agreement under this section becomes effective, or if property is held as or acquired as survivorship marital property under s. 766.60

(a)or 766.605 while an agreement is in effect, the property remains survivorship marital property as long as it is so held.

2. A joint tenancy which is held exclusively between the spouses when an agreement under this section becomes effective or while an agreement is in effect is survivorship marital property.

3. A tenancy in common which is held exclusively between the spouses when an agreement under this section becomes effective or while an agreement is in effect is marital property.

4. With respect to a tenancy in common or joint tenancy not described under subds. 2. and 3. in which at least one spouse is a tenant when an agreement under this section becomes effective or while an agreement is in effect, to the extent the incidents of the tenancy in common or joint tenancy conflict with or differ from the incidents of marital property, the incidents of the tenancy in common or of the joint tenancy, including the incident of survivorship, control.

1. In this paragraph:

a. “Joint account” has the meaning given in s. 705.01

(4).

b. “Marital account” has the meaning given in s. 705.01

(4m).

2. An agreement under this section does not defeat the survivorship feature of a joint account under s. 705.04

(1).

3. An agreement under this section does not affect the ownership, under s. 705.04

(2m), of sums remaining on deposit in a marital account at the death of a party to the account, regardless of when the agreement became effective or the marital account was established.

(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.

(9).

(3)Effective date and effective period.

(a)An agreement under this section is effective when executed or upon the determination date, whichever is later.

(b)If the spouses have not completed the financial disclosure form under sub.

(9)before or contemporaneously with execution of the agreement, the agreement terminates 3 years after the date that both spouses have signed the agreement, unless terminated earlier by one of the spouses under sub.

(4).

(c)If the spouses have completed the financial disclosure form under sub.

(9), 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).