Wis. Stat. § 766.587 — WI Code / Chapter 766 / Section 766.587
Statutory individual property classification agreement.
Status: in_force

(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.

(2) Execution. An agreement under this section is executed when signed by both spouses.

(3) Effective period.

(a) An agreement under this section may be executed on or after January 1, 1986. If executed before January 1, 1986, it is effective on January 1, 1986, or upon the marriage of the parties, whichever is later. If executed on or after January 1, 1986, it is effective when executed or upon the marriage of the parties, whichever is later.

(b) An agreement under this section terminates on January 1, 1987. Termination does not affect the classification of property acquired before termination. Property acquired after termination is classified as provided under this chapter.

(4) Enforceability. An agreement under this section is enforceable without the disclosure of a spouse’s property or financial obligations to the other spouse.

(5) Effect on support and at divorce. An agreement under this section does not affect the duty of support that spouses have to each other or the determination of property division under s. 767.61 or of maintenance payments under s. 767.56 .

(6) Rights of surviving spouse. Notwithstanding the fact that an agreement under this section is in effect at, or has terminated before, the death of a spouse who is a party to the agreement, the surviving spouse may elect under s. 861.02 . For the purpose of the election, in addition to the property described in s. 851.055 , property acquired during marriage and after the determination date which would have been marital property but for the agreement is deferred marital property.

(7) Statutory individual property classification agreement form. The following is the form for a statutory individual property classification agreement under this section:

(8) Other means of classification. This section is not the exclusive means by which spouses may, before January 1, 1987, classify their property as the individual property of the owner.

History: 1985 a. 37 ; 1987 a. 393 s. 53 ; 1997 a. 188 ; 2005 a. 443 s. 265 ; 2017 a. 365 s. 111