766.001 Liberal construction; intent. (1) This chapter is remedial in nature and shall be liberally construed, consistent with s. 766.96. (2) 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 […]
766.01 Definitions. In this chapter: (1) “Acquiring” property includes reducing indebtedness on encumbered property and obtaining a lien on or security interest in property. (2) “Appreciation” means a realized or unrealized increase in the value of property. (2m) (a) Except as provided in pars. (b) and (c), “credit” means the right granted by a creditor […]
766.03 Applicability. (1) Except as provided in sub. (4) and ss. 766.58 (5), (11) and (12) and 766.585, this chapter first applies to spouses upon their determination date. (2) After this chapter first applies to spouses, it continues to apply to spouses during marriage. Section 766.75 applies after a dissolution. If at the time of […]
766.15 Responsibility between spouses. (1) Each spouse shall act in good faith with respect to the other spouse in matters involving marital property or other property of the other spouse. This obligation may not be varied by a marital property agreement. (2) Management and control by a spouse of that spouse’s property that is not […]
766.17 Variation by marital property agreement. (1) Except as provided in ss. 766.15, 766.55 (4m), 766.57 (3) and 766.58 (2), a marital property agreement may vary the effect of this chapter. (2) Section 859.18 (6) governs the effect of a marital property agreement upon property available for satisfaction of obligations after the death of a […]
766.31 Classification of property of spouses. (1) General. All property of spouses is marital property except that which is classified otherwise by this chapter and that which is described in sub. (8). (2) Presumption. All property of spouses is presumed to be marital property. (3) Spouse’s interest in marital property. Each spouse has a present […]
766.51 Management and control of property of spouses. (1) A spouse acting alone may manage and control: (a) That spouse’s property that is not marital property. (am) Except as provided in subs. (2) and (3), marital property held in that spouse’s name alone or not held in the name of either spouse. (b) Marital property […]
766.53 Gifts of marital property to 3rd persons. A spouse acting alone may give to a 3rd person marital property that the spouse has the right to manage and control only if the value of the marital property given to the 3rd person does not aggregate more than either $1,000 in a calendar year, or […]
766.55 Obligations of spouses. (1) An obligation incurred by a spouse during marriage, including one attributable to an act or omission during marriage, is presumed to be incurred in the interest of the marriage or the family. A statement separately signed by the obligated or incurring spouse at or before the time the obligation is […]
766.555 Obligations of spouses under open-end plans. (1) In this section: (a) “Open-end plan” means credit extended on an account pursuant to a plan under which the creditor may permit a spouse to make purchases or obtain loans, from time to time, directly from the creditor or indirectly by use of a credit card, check […]
766.56 Credit transactions with married persons. (1) If a spouse applies for credit that will result in an obligation described under s. 766.55 (2) (b), the creditor, in evaluating the spouse’s creditworthiness, shall consider all marital property available under s. 766.55 (2) (b) to satisfy the obligation in the same manner that the creditor, in […]
766.565 Relationship to consumer act. (1) In this section, “open-end credit plan” has the meaning given under s. 421.301 (27). The term includes only those plans governed by chs. 421 to 427. (2) Except as provided under sub. (6), this section does not impose any additional or separate notice requirements on a creditor. (3) The […]
766.57 Protection of bona fide purchasers dealing with spouses. (1) In this section: (a) “Bona fide purchaser” means a purchaser of property for value who was not knowingly a party to fraud or illegality affecting the interest of the spouses or other parties to the transaction, does not have notice of an adverse claim by […]
766.575 Protection of trustees dealing with spouses. (1) In this section: (a) “Business day” has the meaning given under s. 421.301 (6). (b) “Governing instrument” means the contract or other instrument pursuant to which a trustee has possession or control of property. The term includes, in the case of trustees whose rights, duties and responsibilities […]
766.58 Marital property agreements. (1) A marital property agreement shall be a document signed by both spouses. Only the spouses may be parties to a marital property agreement. A marital property agreement is enforceable without consideration. (2) A marital property agreement may not adversely affect the right of a child to support. (3) Except as […]
766.585 Marital property agreements before determination date. (1) After April 4, 1984, and before their determination date, spouses or unmarried persons who subsequently marry each other may execute a marital property agreement under s. 766.58, which is intended to apply only after their determination date, to the same extent that persons may execute a marital […]
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 […]
766.588 Statutory terminable marital property classification agreement. (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 […]
766.589 Statutory terminable individual property classification agreement. (1) Generally. (a) For purposes of determining ownership of property classified by an agreement under this section, a spouse owns property if the property is held by that spouse. If property classified by an agreement under this section is not held by either or both spouses, ownership of […]
766.59 Unilateral statement; income from nonmarital property. (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. (2) (a) The statement is executed when signed by the executing spouse and acknowledged by a notary. If executed […]
