Terms Used In Wisconsin Statutes 766.51

  • Contract: A legal written agreement that becomes binding when signed.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
  • Property: includes real and personal property. See Wisconsin Statutes 990.01
   (1)    A spouse acting alone may manage and control:
      (a)    That spouse’s property that is not marital property.
      (am)    Except as provided in subs. (2) and (3), marital property held in that spouse’s name alone or not held in the name of either spouse.
      (b)    Marital property held in the names of both spouses in the alternative, including marital property held in a form designating the holder by the words “(name of one spouse) or (name of other spouse)”.
      (d)    A policy of insurance if that spouse is designated as the owner on the records of the policy issuer.
      (e)    Any right of an employee under a deferred employment benefit plan that accrues as a result of that spouse’s employment.
      (f)    A claim for relief vested in that spouse by other law.
   (1m)   
      (a)    Notwithstanding any provision in this section except par. (b), for the purpose of obtaining an extension of credit for an obligation described under s. 766.55 (2) (b), a spouse acting alone may manage and control all of the marital property.
      (b)    Unless the spouse acting alone may otherwise under this section manage and control the property, the right to manage and control marital property under this subsection does not include the right to manage and control marital property described in s. 766.70 (3) (a) to (d) or the right to assign, create a security interest in, mortgage or otherwise encumber marital property.
   (2)   Spouses may manage and control marital property held in the names of both spouses other than in the alternative only if they act together.
   (3)   The right to manage and control marital property transferred to a trust is determined by the terms of the trust.
   (4)   The right to manage and control marital property permits gifts of that property, subject to remedies under this chapter.
   (5)   The right to manage and control marital property does not determine the classification of property of the spouses and does not rebut the presumption under s. 766.31 (2).
   (6)   The enactment of this chapter does not affect the right to manage and control any property of either or both spouses acquired before the determination date.
   (7)   A court may appoint a conservator or guardian under ch. 54 to exercise a disabled spouse’s right to manage and control marital property.
   (8)   This section does not affect s. 706.02 (1) (f).
   (9)   If an executory contract for the sale of property is entered into by a person having the right of management and control of the property, the rights of all persons then having or thereafter acquiring an interest in the property under this chapter are subject to the terms of the executory contract. This subsection applies to contracts entered into before or after the determination date.
   (10)   At the death of a spouse if property described under s. 766.70 (3) (a), (b) or (d) is held by either spouse, but not in the names of both spouses, such property may be subject to the management and control of the holding spouse as provided under s. 857.015.