Wisconsin Marital Property Act

How does the Wisconsin Marital Property Act (WMPA) affect me?

Since 1986, Wisconsin has been a community property state, which means property received after marriage is considered jointly owned by both spouses.

What is marital property according to Wisconsin law?

Under Wisconsin law, marital property refers to property acquired by either spouse during the marriage.

What isn’t considered marital property?

Certain types of property are not considered marital property:

1. Property owned before marriage: Any property owned by an individual before their marriage is typically considered individual property.
2. Inheritances and gifts: Inheritances and gifts given to one spouse are generally not regarded as marital property.
3. Property kept separate: Individual property that is not co-mingled with marital property remains separate. However, if individual property is co-mingled (e.g., deposited in a joint bank account), it may become marital property in the eyes of the court.

How does the WMPA impact my bank accounts and loans?

The Wisconsin Marital Property Act affects depository accounts in the following ways:

• Joint accounts
  • Shared ownership: Money in joint accounts opened during the marriage is considered jointly owned by both spouses. This means both have equal rights to the funds.
  • Management: Both spouses can access and manage the account.
• Individual accounts
  • Before marriage: Accounts you had before marriage remain individually owned if you keep them separate from marital funds.
  • During marriage: Accounts opened during the marriage are generally considered marital property unless you clearly keep them separate.

The Wisconsin Marital Property Act affects lending in the following ways:

• Loan applications
  • Joint applications: If you and your spouse apply for a loan together, the loan is considered marital debt. Both spouses are responsible for repayment.
  • Individual applications: If only one spouse applies for a loan, it is generally considered individual debt, but marital property can still be involved depending on how the funds are used.
• Credit and liability
  • Shared responsibility: Loans taken out during the marriage are typically viewed as joint responsibility, meaning both spouses’ credit and assets can be considered if there’s a default.
  • Impact of co-mingling: If individual property is used to secure or repay a loan, it might be treated as marital property, affecting both spouses’ financial situations.

Understanding these distinctions can help individuals manage their property and financial affairs more effectively within a marriage.

For more information on Wisconsin’s Marital Property Law, visit DFI.WI.gov.