Wisconsin Proposed Marital Settlement Without Minor Children

Proposed Marital Settlement Without Minor Children

STATE OF WISCONSIN, CIRCUIT COURT, COUNTY

For Official Use

In RE: The marriage of

Petitioner/Joint Petitioner-Wife:

and

Respondent/Joint Petitioner-Husband:

Proposed Marital Settlement Without Minor Children

Divorce-40101 Legal Separation-40201

Case No.

I REQUEST THAT THE COURT GRANT THE FOLLOWING:

A. MARITAL RELATIONSHIP

1. Divorce: This marriage is irretrievably broken.

2. Legal Separation: This marriage is broken and the reason I am requesting a legal separation and not a divorce is

B. MAINTENANCE (Spousal Support)

1. For the Wife:

a. The wife gives up her right to receive maintenance.

b. The wife is not requesting maintenance at this time, but leaves open her right to request it until
Her right to request maintenance is limited to:
1.
2. any appropriate substantial change in circumstance.

c. The husband shall pay maintenance to the wife in the amount of $ per month beginning on the first day of the month of , 20 . Maintenance shall end on the last day of the month of 20 or until the wife remarries, dies, or by court order, whichever comes first.

2. For the Husband:

a. The husband gives up his right to receive maintenance.

b. The husband is not requesting maintenance at this time, but leaves open his right to request it until
His right to request maintenance is limited to:
1.
2. any appropriate substantial change in circumstance.

c. The wife shall pay maintenance to the husband in the amount of $ per month beginning on the first day of the month of , 20 . Maintenance shall end on the last day of the month of , 20 or until the husband remarries, dies, or by court order, whichever comes first.

3. Payments shall be made:
a. No payments are ordered to be made.
b. to the Wisconsin Support Collections Trust Fund (WI SCTF).
1. directly from the payer to WI SCTF (only allowable if self-employed).
2. by income assignment from the payer’s employer as indicated below:

Employer name

Address of payroll office

City State Zip

Phone Fax

4. Arrearages for Previously Ordered Maintenance:
a. No maintenance was previously ordered. There is no amount due.
b. The party has paid all maintenance as ordered. There is no amount due.
c. If there are any arrearages for maintenance now or at the time of the final hearing, those arrearages are waived and the court financial record shall be set to zero.
d. I propose that the amount of the arrears:
1. shall be set as follows: $
2. shall be determined by the court at the time of the final hearing.
and shall be paid and earn interest at the rate of % per year and payment shall be made as:
A. a one-time payment to the WI SCTF made by (date)
B. through monthly income withholding by the WI SCTF in the amount of $ beginning on the first day of the month of , 20 until the arrearages are paid in full.

C. MEDICAL INSURANCE

No later than the date of the final hearing, each party shall notify the other party in writing of the availability of COBRA or other continuation benefits under their current health care policy.

D. DEBTS AND LIABILITIES

The following is a listing of ALL the debts and liabilities that we presently owe (either individually or as a couple) and who I propose shall be responsible for the payment of each debt:

The parties understand that:

• Each party assigned a debt shall be fully responsible for that obligation and shall not make any demands upon the other party concerning that debt.

• Any debt not listed shall be the responsibility of the party who incurred it and that party shall not make any demands upon the other party concerning that debt.

• Creditors are NOT bound by this proposal and each party remains liable to creditors for all marital debts.

• Any party who suffers a loss because of a failure of the other party to pay an assigned debt may enforce that obligation by a motion for contempt of court.

E. PERSONAL PROPERTY DIVISION

1. Division: The parties agree to the final personal property division as indicated below:

2. Exchange: The following items still need to be exchanged between the parties:
a. None: All personal property has already been exchanged to the satisfaction of both parties.
b. List of items: The exchange of personal property shall be made by (date) according to the following arrangements:

F. DIVISION OF REAL ESTATE

1. Neither party owns any real estate at this time.

2. One or both parties own real estate at this time.

a. Primary Residence: The parties own a primary residence located at:

Address

City State Zip

Parcel Identification Number (Tax Key Number)

1. The primary residence shall be awarded to the:
A. wife
B. husband
and that party shall be responsible for outstanding financial obligations, and the other party shall be held harmless from any liability. Other provisions including refinancing requirements, if any:

2. The residence shall be placed on the market for sale. See attached
A. Pending sale, the mortgage, taxes, and insurance shall be paid by:
1. wife.
2. husband.
3. shared equally.
4. shared as follows:
B. Pending sale, any necessary repairs, special assessments and other sale-related expenses shall be paid by:
1. wife.
2. husband.
3. shared equally.
4. shared as follows:
The money from the sale of this residence shall be used to pay the usual costs of a sale and prorations, and any balance on the existing mortgage. Upon payment of all costs, the proceeds left from the sale shall be divided between the parties as follows:
a. The wife to receive %.
b. The husband to receive %.

b. Other Real Estate: One or both of the parties own additional real estate, including any timeshare interests, which is disclosed and divided as set forth in the attached Schedule A.

G. EQUALIZATION OF MARITAL PROPERTY DIVISION

1. No payment is required to be made to equalize the marital property division because:
a. the property and debt division are equalized to the satisfaction of the parties.
b. equalization has been accomplished through a division of real estate sale proceeds.

2. A payment of $ is required to equalize the marital property division.
a. This payment shall be made by the:
1. wife to the husband.
2. husband to the wife.
b. This payment:
1. has already been made.
2. shall be made in a lump sum payment no later than (date)
3. shall be paid in the amount of $ per month beginning on the first day of the month of , 20 .
c. The amount shall earn interest until paid in full at the rate of % per year:
1. from the date of the final hearing.
2. from the date the payment was due.

H. TAXES

1. Year of Divorce/Legal Separation:

The parties agree to file their income tax returns for the year of the divorce/legal separation consistent with the rules of the IRS, Wisconsin Department of Revenue, and Wisconsin’s Marital Property law.

The parties understand that their marital status on the last day of the year determines their filing status for that year, whether married or single.

The parties acknowledge that each is responsible for seeking tax advice from a tax professional with regard to issues of this divorce/legal separation.

2. Years Before Divorce/Legal Separation:

a. Tax returns for all previous years have been filed.
b. The parties agree to file returns for the previous tax years as follows:
1. share preparation expenses, tax liability and/or refund equally.
2. Other:

I. LEGAL NAME RESTORATION

1. Neither party requests the right to use a former legal surname.
2. The wife requests the right to use a former legal surname of
3. The husband requests the right to use a former legal surname of

J. OTHER PROPOSED AGREEMENTS

1. I have no other proposals, written or oral, concerning this marriage.
2. I have additional written proposals concerning this marriage, copies of which are attached.

K. UNDERSTANDINGS

I understand that:

• I could get an attorney to review this proposed agreement.

• This form was provided as a convenience and may NOT cover all issues.

• These proposed agreements may have tax consequences and that seeking tax advice is suggested.

• I have fully disclosed my income, debts, assets and liabilities to each other.

• Maintenance is deductible by the payer and taxable to the payee.

• Any court order regarding the division of property is final as of the date of the final hearing and can never be changed.

• There are certain legal presumptions under Wisconsin law, such as marital property should be divided 50/50.

L. VOLUNTARY EXECUTION / NATURE OF PROPOSED AGREEMENT

I assume responsibility for the entire content of this proposed agreement. I have proposed these agreements freely and voluntarily and not because of any undue influence. I believe the terms to be fair and reasonable under the circumstances.

I acknowledge that there may be substantial legal and tax implications with regard to this proposal. I understand that lack of knowledge of the law may not be sufficient to convince the court that relief from these provisions is required. I acknowledge that I have the right to seek the advice of my own personal attorney.

M. GENERAL RELEASE

The parties are released from any claim of any nature that may exist. Neither party may, at any time hereafter, sue the other, personal representatives, and assigns, for the purpose of enforcing any or all of the rights relinquished and/or waived under this proposal. In the event any suit shall be commenced, this release, when pleaded, shall constitute a complete defense to any such claim or suit so instituted by the other party. I understand that this general release shall not become effective until this Proposed Marital Settlement is approved by the court.

N. FULL DISCLOSURE AND RELIANCE

I warrant that I have provided an accurate, complete, and current disclosure of all income, assets, debts, and liabilities. I understand that deliberate failure to provide complete disclosure constitutes perjury under § 767.127 Wis. Stats. and a fraud upon the court. The property referred to in this proposed agreement represents all the property in which either party has any interest. This proposed agreement is based on my financial disclosure statement.

O. RESTRAINING ORDER

Neither party may interfere with the personal liberty of the other, or to go on the premises occupied by the other as a residence except with permission of that party.

P. EXECUTION OF DOCUMENTS

Now, or in the future, on demand, the parties shall execute and deliver any and all documents that may be necessary to carry out the terms and conditions of this proposed agreement.

Q. DIVESTING OF PROPERTY RIGHTS

Except as otherwise provided for in this proposed agreement, the parties give up all rights to the property awarded to the other.

All property awarded to a party shall be the separate property of that party.

The parties shall have the right to manage our separate property as if we had never been married.

R. SURVIVAL OF PROPOSED AGREEMENT AFTER JUDGMENT

The provisions of this proposed agreement shall survive any subsequent judgment of divorce and shall have independent legal significance. This proposed agreement is a legally binding contract, entered into for good and valuable consideration. It is contemplated that in the future either party may enforce this proposed agreement in this or any other court of competent jurisdiction.

S. JURISDICTION

This county shall have jurisdiction for all disputes unless otherwise agreed to in writing or as provided under Wisconsin Statutes.

T. APPROVAL OF COURT REQUIRED

I submit this proposed agreement to the court for approval and request the court to incorporate its terms in the final judgment. Once approved by the court, I understand that either of us may enforce this proposed agreement in this or any other court of competent jurisdiction.

U. WAIVER OF APPEARANCE

The court may proceed with the final hearing without further notice, and consent to judgment being entered on the petition, pursuant to the terms of this Proposed Marital Settlement even if the respondent or one of the joint petitioners does not appear.

SCHEDULE A – DIVISION OF OTHER REAL ESTATE

A. Parcel 2: The parties own other real estate located at:

Address

City State Zip

Parcel Identification Number (Tax Key Number)

1. The real estate shall be awarded to the:
a. wife
b. husband
and that party shall be responsible for outstanding financial obligations, and the other party shall be held harmless from any liability. Other provisions including refinancing requirements, if any: See attached

2. The residence shall be placed on the market for sale.

a. Pending sale, the mortgage, taxes, and insurance shall be paid by:
1. wife.
2. husband.
3. shared equally.
4. shared as follows:

b. Pending sale, any necessary repairs, special assessments and other sale-related expenses shall be paid by:
1. wife.
2. husband.
3. shared equally.
4. shared as follows:

The money from the sale of this real estate shall be used to pay the usual costs of a sale and prorations, and any balance on the existing mortgage. Upon payment of all costs, the proceeds left from the sale shall be divided between the parties as follow:
a. The wife to receive %.
b. The husband to receive %.

B. Parcel 3: The parties own other real estate located at:

Address

City State Zip

Parcel Identification Number (Tax Key Number)

1. The real estate shall be awarded to the:
a. wife
b. husband
and that party shall be responsible for outstanding financial obligations, and the other party shall be held harmless from any liability. Other provisions including refinancing requirements, if any: See attached

2. The residence shall be placed on the market for sale.

a. Pending sale, the mortgage, taxes, and insurance shall be paid by:
1. wife.
2. husband.
3. shared equally.
4. shared as follows:

b. Pending sale, any necessary repairs, special assessments and other sale-related expenses shall be paid by:
1. wife.
2. husband.
3. shared equally.
4. shared as follows:

The money from the sale of this real estate shall be used to pay the usual costs of a sale and prorations, and any balance on the existing mortgage. Upon payment of all costs, the proceeds left from the sale shall be divided between the parties as follow: