Sheboygan 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. 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 lawyer at Kaplan Law Firm, S.C..
What Is Marital Property?
- 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.
- 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. The upshot is that the surviving spouse in this situation has some economic protection, even if not the beneficiary of the other’s estate.