What is a Marital Property Agreement?
Marital property law became effective in Wisconsin on January 1, 1986. With many exceptions, the effect of the law is that the assets held by a wife are also the assets of the husband, and vice-versa. Also, the debts incurred by the wife are also the debts of the husband, and vice-versa. A couple can enter into a Marital Property Agreement either before or after marriage, to clarify the “classification” of their assets–whether the assets are “marital” property, called opting in to the marital property law, or “individual” property, called opting out of the marital property law. There are advantages to both marital and individual classification of property, dependent upon the unique situation of each couple.
Related Questions
- What if my spouse and I cannot reach an agreement on a particular issue such as what is to be done with the marital home, other marital property, child support, visitation or custody?
- Can Increase in Marital Property After Separation be Divided in Our Separation Agreement?
- What is a marital (MSA) or property (PSA) settlement agreement?
