Community Property Rights and Obligations

"(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 undivided one-half interest in each item of marital property, subject to all of the following:
(a) Terminable interest in deferred employment benefit plan. As provided in s. 766.62 (5), the marital property interest of the nonemployee spouse in a deferred employment benefit plan or in assets in an individual retirement account that are traceable to the rollover of a deferred employment benefit plan terminates at the death of the nonemployee spouse if he or she predeceases the employee spouse.
(b) Division based on aggregate value at death.
1. Spouses may provide in a marital property agreement that at the death of a spouse some or all of their marital property will be divided based on aggregate value rather than divided item by item. However, at the death of a spouse, a marital property agreement is not necessary for a division of marital property that is not item by item.
2. The surviving spouse and the successor in interest to the decedent’s share of marital property may enter into an agreement providing that some or all of the marital property in which each has an interest will be divided based on aggregate value rather than divided item by item.
3. The surviving spouse and a distributee who is a successor in interest to all or part of the decedent’s one-half interest in marital property may petition the court to approve an exchange of interests in the marital property authorized under subd. 1. or 2., but court approval of the exchange is not required for the agreement under subd. 1. or 2. to be effective. If the court approves the exchange, the surviving spouse and the distributee shall exchange their respective interests in 2 or more items of marital property and distribute the items in a manner to conform with the exchange. The exchange shall:
a. Occur before the final distribution of the assets under the governing instrument;
b. Be composed of items which are fairly representative of the appreciation and depreciation that has occurred since the date of death;
c. Be composed of items having a fair market value at the time of exchange equal to what would have been distributed had no exchange request been made, including any money used in the exchange; and
d. Be reported with a written description of each item, its basis and its fair market value at the time of exchange in the manner prescribed by the department of revenue. (766.31)

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 incurred stating that the obligation is or will be incurred in the interest of the marriage or the family is conclusive evidence that the obligation to which the statement refers is an obligation in the interest of the marriage or family, except that the existence of that statement does not affect any interspousal right or remedy. (766.55(1))"

"An obligation incurred by a spouse during marriage, including an obligation attributable to an act or omission during marriage, is presumed to be incurred in the interest of the marriage or the family. Wis. Stat. § 766.55(1); St. Mary's Hospital Medical Center v. Brody, 519 N.W.2d 706, 711-713 (Wis.App. 1994); Schmidt v. Waukesha State Bank, 555 N.W.2d 655, 661-662 (Wis.App. 1996). "

With regard to extensions of credit, Wisconsin varies from the Uniform Marital Property Act most significantly in its addition of a clause that allows a spouse to satisfy the presumption that he or she is incurring an obligation in the interest of the marriage or the family by simply signing a unilateral statement at the time the obligation is incurred stating that the obligation is incurred in the interest of the marriage or the family. Once such a statement is signed, the spouse has bound the marital community in a single transaction for all marital property amassed during the marriage irrespective of the absence of the other spouse's signature.