The Wisconsin Court of Appeals has just issued a decision interpreting a premarital or pre-marital agreement clause, which is considered ambiguous. The Court found that the agreement required the repayment of one spouse`s voluntary payments on the debts of the other spouse. Pettit`s decision/. Hein, 2015AP1412, raises concerns about clauses considered standard clauses in marital real estate contracts and therefore calls for a review of marital real estate contracts in Wisconsin and how you can ensure that your agreement remains intact. A valid pre-marital or post-marriage contract may, by contract, eliminate the creation of a condominium by legally distributing the property of each spouse at the time of the acquisition, thus eliminating disputes relating to the distribution of wealth in the event of divorce. All marital property agreements, before or after marriage, have important legal implications and should be carefully verified by a lawyer. Martial real estate agreements require full disclosure of the information and have strict legal requirements to ensure that the parties fully understand the legal effect of signing the agreement. The circumstances of the marriage and the property of the parties determine what will be included in a marital property contract. However, general assets contained in a matrimonial patrimony contract include: under the law, agreements may include provisions relating to the transfer of assets in the event of death, the right to control assets and the payment of obligations during marriage, as well as the sharing of the estate and other heritage agreements in the event of dissolution. Married persons can enter into a matrimonial agreement which: (A) regulates ownership of the property when the marriage ends in divorce; (B) regulates property when the marriage ends with the death of one or both spouses; or (C) regulates ownership of the property when the marriage ends in divorce or death. All other property acquired by a spouse during the marriage is common property. Examples of common ownership are: another common scenario for entering into a marital property contract would be if you have children from a previous relationship.
With a marriage agreement, you can allocate the property you want to go to your children after their death. Similarly, by protecting your wealth, if you divorce, you can ensure that your inheritance is given to your children and not divided into half of the divorce. Often, future spouses have considerable assets, children from other marriages, partnerships or trade agreements, or other reasons why they feel it is important to enter into a marital patrimony contract before marriage defining the respective rights and obligations of each party.