A Wisconsin prenuptial agreement is a legal document couples craft before marriage to outline the division of assets and properties if their marriage ends due to annulment, divorce, or the demise of a spouse. Such agreements are particularly beneficial for individuals entering the marriage with a significant amount of property or children from prior relationships.
It can help protect each party’s financial situation if the divorce or if one partner dies. For example, the individual who isn’t as wealthy or doesn’t produce as much income can receive maintenance from their ex-spouse if this stipulation is in their prenup. Ensuring the validity and fairness of a prenup requires that both individuals have access to independent legal advice.
Legal Considerations
Laws: Wisconsin relies on case law rather than specific statutes to oversee the creation of prenups. Some of the most significant cases include Gardner v. Gardner, 190 Wis.2d 216 (1994) and In re Marriage of Button v. Button, 131 Wis. 2d 84 (1986).
Signing Requirements: Each spouse must sign.
Dividing Property: Community property (§ 766.588).
Enforceability Requirements
Full Disclosure of Assets
- Each spouse needs to show proof that they disclosed their financial situation.
Voluntary and Free Agreement
- Both parties should enter a prenup voluntarily and freely without coercion or undue stress.
- The prenup shouldn’t be a last-minute decision. The spouses should consider signing it 30 to 60 days before the wedding to show a lack of force or coercion.
Fair Terms
- The prenup’s terms should be fair and reflect various factors relating to each spouse, such as:
- Their objectives when writing the prenup
- The property each spouse is bringing to the marriage
- Their ages, physical health, and emotional well-being
- Their earning capacities
- Their anticipated contributions
- Their potential future needs
Maintenance Payments
Maintenance or spousal support isn’t a requirement under state law, but a court may award it to one party in the event of divorce if it deems it necessary. If you and your spouse decide to get rid of or restrict maintenance, the court will respect your decision if you clearly outline it in your prenup and there’s mutual agreement between both spouses.
A prenup provision will not be enforced if it leaves one spouse without the financial ability to support themselves.
