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13. IN GENERAL, THIS TERMINATION IS NOT BINDING ON CREDITORS
2UNLESS THEY ARE PROVIDED A COPY OF THE TERMINATION BEFORE
3CREDIT IS EXTENDED.
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The undersigned terminates the statutory terminable marital property
5classification agreement entered into by me and my spouse on .... (date last spouse
6signed the agreement) under section 766.588 of the Wisconsin Statutes.
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Signature: ....
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Print Name Here: ....
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Residence Address: ....
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11Schedule “A"
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12Financial Disclosure
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The following general categories of assets and liabilities are not all inclusive
14and if other assets or liabilities exist they should be listed. Assets should be listed
15according to which spouse has title (including assets owned by a spouse or the
16spouses with one or more third parties) and at their approximate market value.
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17Husband Wife
Spouse (Name) Spouse (Name) Both Names
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A.
Real estate (gross value)
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B.
Stocks, bonds and mutual funds
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C.
Accounts at and certificates or other
22instruments issued by financial institutions
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D.
Mortgages, land contracts, promissory notes
24and cash
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E.
Partnership interests
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1EL.
Limited liability company interests
.
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F.
Trust interests
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G.
Livestock, farm products, crops
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H.
Automobiles and other vehicles
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I.
Jewelry and personal effects
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J.
Household furnishings
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K.
Life insurance and annuities:
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1.
Face value
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2.
Cash surrender value
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L.
Retirement benefits (include value):
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1.
Pension plans
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2.
Profit sharing plans
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3.
HR-10 KEOGH plans
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5.
Deferred compensation plans
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M.
Other assets not listed elsewhere
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II.
Obligations (total outstanding balance):
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A.
Mortgages and liens
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B.
Credit cards
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C.
Other obligations to financial institutions
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D.
Alimony, maintenance and child support (per
22month)
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E.
Other obligations (such as other obligations
24to individuals, guarantees, contingent
25liabilities)
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1III.
Annual compensation for services:
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(for example, wages and income from
3self-employment; also include social security,
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disability and similar income here)
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(IF YOU NEED ADDITIONAL SPACE,
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ADD ADDITIONAL SHEETS)
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7Section 115
. 766.589 (10) (form) 14. of the statutes is amended to read:
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766.589
(10) (form) 14. IF AFTER ENTERING INTO THIS AGREEMENT
9ONE OR BOTH OF YOU ESTABLISH A DOMICILE OUTSIDE THIS STATE, YOU
10ARE URGED TO SEEK LEGAL ADVICE CONCERNING THE CONTINUED
11EFFECTIVENESS OF THIS AGREEMENT.
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12Statutory terminable individual
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13Property classification agreement
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(Pursuant to Section 766.589, Wisconsin Statutes)
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This agreement is entered into by .... and .... (
husband and wife who are
16married) (who intend to marry) (strike one). The parties hereby classify the marital
17property owned by them when this agreement becomes effective, and property
18acquired during the term of this agreement
which
that would otherwise have been
19marital property, as the individual property of the owning spouse. The parties agree
20that ownership of such property shall be determined by the name in which the
21property is held and, if property is not held by either or both spouses, ownership shall
22be determined as if the parties were unmarried persons when the property was
23acquired.
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Upon the death of either spouse the surviving spouse may, except as otherwise
25provided in a subsequent marital property agreement, and regardless of whether
1this agreement has terminated, elect against the property of the decedent spouse as
2provided in section 766.589 (7) of the Wisconsin Statutes.
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One spouse may terminate this agreement at any time by giving signed notice
4of termination to the other spouse. Notice of termination by a spouse is given upon
5personal delivery or when sent by certified mail to the other spouse's last-known
6address. The agreement terminates 30 days after such notice is given.
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The parties (have) (have not) (strike one) completed Schedule “A", “
Financial
8Disclosure", attached to this agreement. If Schedule “A" has not been completed, the
9duration of this agreement is 3 years after both parties have signed the agreement.
10If Schedule “A" has been completed, the duration of this agreement is not limited to
113 years after it is signed.
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IF THE DURATION OF THIS AGREEMENT IS NOT TO BE LIMITED TO 3
13YEARS, MAKE SURE THAT SCHEDULE “A", “FINANCIAL DISCLOSURE", IS
14COMPLETED AND THAT YOU HAVE REVIEWED THE SCHEDULE BEFORE
15SIGNING THE AGREEMENT. IF YOU AND YOUR SPOUSE HAVE PREVIOUSLY
16ENTERED INTO A STATUTORY TERMINABLE INDIVIDUAL PROPERTY
17CLASSIFICATION AGREEMENT WITH EACH OTHER WHICH WAS
18EFFECTIVE DURING YOUR PRESENT MARRIAGE AND YOU AND YOUR
19SPOUSE DID NOT COMPLETE SCHEDULE “A", YOU MAY NOT EXECUTE THIS
20AGREEMENT IF YOU DO NOT COMPLETE SCHEDULE “A".
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Signature of One Spouse: ....
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Print Name Here: ....
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Residence Address: ....
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(Make Sure Your Signature is Authenticated or Acknowledged Below.)
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1Authentication
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Signature .... authenticated this .... day of ...., .... (year)
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TITLE: MEMBER STATE BAR OF WISCONSIN
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(If not, .... authorized by s. 706.06, Wis. Stats.)
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6Acknowledgment
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STATE OF WISCONSIN
)
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.... County
)
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Personally came before me this .... day of ...., .... (year) the above named .... to
11me known to be the person who executed the foregoing instrument and acknowledge
12the same.
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Notary Public ...., .... County, Wisconsin.
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My Commission is permanent.
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(If not, state expiration date: ...., .... (year))
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(Signatures may be authenticated or
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acknowledged. Both are not necessary.)
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*Names of persons signing in any capacity should be
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typed or printed below their signatures.
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Signature of Other Spouse: ....
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Print Name Here: ....
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Residence Address: ....
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(Make Sure Your Signature is Authenticated or Acknowledged Below.)
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1Authentication
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Signature .... authenticated this .... day of ...., .... (year)
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TITLE: MEMBER STATE BAR OF WISCONSIN
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(If not, .... authorized by s. 706.06, Wis. Stats.)
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6Acknowledgment
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STATE OF WISCONSIN
)
