The Wisconsin postnuptial agreement is a legal document that defines the rights and responsibilities of each spouse towards their individual and marital property.
This type of document often includes a list of all the assets and liabilities the parties have acquired before signing the agreement, rules on how the property will be managed during the marriage, and an agreement on how the marital property will be divided in case of marriage dissolution or divorce.
The main difference between postnuptial and prenuptial agreements is the moment the agreement is entered into. With prenup agreements, the parties sign the document before they get married, while with postnup agreements, the spouses must enter the marriage before they can enter into the agreement.
Laws and Legal Requirements for a Postnuptial Agreement in Wisconsin
The laws and legal requirements for a postnuptial agreement in Wisconsin provide the legal framework for determining what the postnuptial agreement form should look like. It also includes guidelines on what provisions the document can or cannot include.
The main sources of law for the legality of the postnuptial agreement form in Wisconsin are provisions of state law and court decisions.
Wis. Stat. Ann. § 767.61 provides that the court shall presume that all property is to be divided equally between the parties after considering the written agreement made by the parties before or during the marriage concerning any arrangement for property distribution.
The court also concludes that “[...]such agreements shall be binding upon the court except that no such agreement shall be binding where the terms of the agreement are inequitable as to either party.”
Signing Requirements for a Postnuptial Agreement in Wisconsin
The state law provides that the Wisconsin postnuptial agreement must be made in written form. Besides that, all the parties to the postnuptial agreement must sign the document.
The state law, however, doesn’t require the notarization of the postnuptial agreement form. Anyway, the parties should consider completing this step whenever possible. The main benefit of notarizing the postnuptial agreement is that it will additionally confirm the authenticity of the document and prevent potential fraudulent activities.
Postnuptial Agreement Enforcement in Wisconsin
For the Wisconsin postnuptial agreement to be considered enforceable, there are multiple requirements that should be met:
Postnuptial Agreement Enforcement Conditions
Both parties to the postnuptial agreement must sign the document freely, without duress, influence, fraud, coercion, or other kind of manipulation of the party’s free will to sign the agreement.
Both parties must be able to fully understand the consequences of signing the postnuptial agreement form.
Both spouses must provide a complete and truthful overview of their financial status before signing the agreement.
The agreement must be fair and equitable for both spouses.
What Can a Postnuptial Agreement in Wisconsin Cover?
The Wisconsin postnuptial agreement template can regulate different matters connected with the financial and non-financial relationships of the parties.
Below, you can see some of the matters that are most commonly used when drafting the Wisconsin postnuptial agreement template:
Provisions in a Postnuptial Agreement
The financial rights and responsibilities of each spouse during the marriage
Matters related to the business interests of each spouse during and after marriage
Rules on how the property will be divided in case of a divorce, marriage dissolution, death, or any similar event
Determining spousal support in case of a divorce
Matters connected with inheritance, insurance, and pension funds
Moreover, when drafting the postnup agreement, the parties should make sure all the provisions are in line with state law and public policy.
Postnuptial Agreement in Wisconsin: Validity Criteria
The first validity criterion for the Wisconsin postnuptial agreement form is connected with the formality requirements set by the state law. This means that the postnuptial agreement must be made in written form and that both spouses must sign it.
The second validity criterion is connected with the existence of marriage. This means that the postnuptial agreement will be considered invalid if the parties were not married at the time of signing the postnuptial agreement.