(If not, .... authorized by s. 706.06
, Wis. Stats.)
STATE OF WISCONSIN )
.... 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 individual
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 766.589 (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 individual property classification agreement entered into by me and my spouse on .... (date last spouse signed the agreement) under section 766.589 of the Wisconsin Statutes.
Print Name Here: ....
Residence Address: ....
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.
A. Real estate (gross value)
B. Stocks, bonds and mutual funds
C. Accounts at and certificates and
other instruments issued by
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
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
D. Alimony, maintenance and child
support (per month)
E. Other obligations (such as other obligations
to individuals guarantees,
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.)
Unilateral statement; income from nonmarital property. 766.59(1)(1)
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.
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.
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
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.
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)
With respect to its effect on 3rd parties, a statement or a revocation shall be treated as if it were a marital property agreement.
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
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".
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".
A spouse may hold individual property in a form that designates the holder of it by the words “(name of spouse) as individual property".
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.