Mequon Asset Protection Lawyer

​A sound marriage is a partnership of equals. That idea is the basis for Wisconsin’s Marital Property Act, enacted in 1986. The law presents benefits and pitfalls. This brochure examines both. Below you’ll find answers to several commonly asked questions about the Marital Property Act.

​It’s a complex law, full of exceptions. The intent here is not to present legal advice, but rather to cover a few basics to acquaint you with the law. Individual situations vary. If you have additional questions, feel free to contact our experienced asset protection lawyers.

What is Marital Property?

​Marital property includes all income and possessions a couple acquires after their “determination date” (with certain exceptions). The determination date is the latest of: the couple’s marriage day; the date when they both took up residence in Wisconsin; or Jan. 1, 1986. Two concepts bear special mention:
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  1. Survivorship marital property – This passes directly to the surviving spouse upon the other’s death. It does not pass under a will. An example would be a residence that has both spouses’ names (and only their names) on the title.

  2. Deferred marital property – This is a tricky concept; a brief explanation must suffice here. This term applies to property that would have been classified as marital property except that it was acquired before the couple’s determination date. Say a couple moved to Wisconsin in 1995. All the property they brought with them did not automatically become marital property just because they moved to Wisconsin. But if one spouse dies, the survivor may have rights to a certain amount of money, based on the value of what would have been marital property if the Marital Property Act had been in effect during the entire marriage. Marital Estate. The upshot is that the surviving spouse in this situation has some economic protection, even if not the beneficiary of the other’s estate.
FAQ
Q. Can I still have property that is my own?
A. Yes, you can have individual property.

Q. Can individual property unintentionally become marital property?
A. Yes. During a marriage, individual and marital property can get jumbled together. If you wish to maintain an item as individual property, you must have records to trace the ownership.

Q. How does this law affect my will?
A. Upon death, your estate will consist of your individual property plus half of all marital property.

For More Information on Martial Property Click here.

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