766.01 Definitions.

WISCONSIN STATUTES AND CODES

766.01

766.01 Definitions. In this chapter:

766.01(1)

(1) "Acquiring" property includes reducing indebtedness on encumbered property and obtaining a lien on or security interest in property.

766.01(2)

(2) "Appreciation" means a realized or unrealized increase in the value of property.

766.01(2m)

(2m)

766.01(2m)(a)

(a) Except as provided in pars. (b) and (c), "credit" means the right granted by a creditor to defer payment of a debt, incur debt and defer its payment or purchase property or services and defer payment for the property or services.

766.01(2m)(b)

(b) If used in connection with a transaction governed under chs. 421 to 427, "credit" has the meaning specified in s. 421.301 (14).

766.01(2m)(c)

766.01(2r)

(2r)

766.01(2r)(a)

(a) Except as provided in pars. (b) and (c), "creditor" means a person that regularly extends credit.

766.01(2r)(b)

(b) If used in connection with a transaction governed under chs. 421 to 427, "creditor" has the meaning specified in s. 421.301 (16).

766.01(2r)(c)

766.01(3)

(3) "Decree" means a judgment or other order of a court.

766.01(3m)

(3m) "Deferred employment benefit" means a benefit from a deferred employment benefit plan.

766.01(4)

(4)

766.01(4)(a)

(a) "Deferred employment benefit plan" means a plan, fund, program or other arrangement under which compensation or benefits from employment are expressly, or as a result of surrounding circumstances, deferred to a later date or the happening of a future event. "Deferred employment benefit plan" includes but is not limited to a pension, profit sharing or stock-bonus plan, an employee stock-ownership or stock-purchase plan, a savings or thrift plan, an annuity plan, a qualified bond-purchase plan, a self-employed retirement plan, a simplified employee pension and a deferred compensation agreement or plan.

766.01(4)(b)

(b) "Deferred employment benefit plan" does not include life, health, accident or other insurance or a plan, fund, program or other arrangement providing benefits similar to insurance benefits, except to the extent that benefits under the plan:

766.01(4)(b)1.

1. Have a present value that is immediately realizable in cash at the option of the employee;

766.01(4)(b)2.

2. Constitute an unearned premium for the coverage;

766.01(4)(b)3.

3. Represent a right to compensation for loss of income during disability; or

766.01(4)(b)4.

4. Represent a right to payment of expenses incurred before time of valuation.

766.01(5)

(5) "Determination date" means the last to occur of the following:

766.01(5)(a)

(a) Marriage.

766.01(5)(b)

(b) 12:01 a.m. on the date that both spouses are domiciled in this state.

766.01(5)(c)

766.01(6)

(6) "Disposition at death" means transfer of property by will, intestate succession, nontestamentary transfer or other means that takes effect at the transferor's death.

766.01(7)

(7) "Dissolution" means termination of a marriage by a decree of dissolution, divorce, annulment or declaration of invalidity or entry of a decree of legal separation or separate maintenance. The term does not include a decree resulting from an action available under ch. 767 which is not an annulment, a divorce or a legal separation.

766.01(8)

(8) "During marriage" means a period in which both spouses are domiciled in this state that begins at the determination date and ends at dissolution or at the death of a spouse.

766.01(9)

(9)

766.01(9)(a)

(a) Except as provided in pars. (b) to (d), property is "held" by a person only if a document of title to the property is registered, recorded or filed in a public office in the name of the person or a writing that customarily operates as a document of title to the type of property is issued for the property in the person's name.

766.01(9)(b)

(b) An account is "held" by the person who, by the terms of the account, has a present right, subject to request, to payment from the account other than as an agent. Accounts that are so "held" include accounts under s. 705.01 (1) and brokerage accounts.

766.01(9)(c)

(c) An uncertificated security, as defined under s. 408.102 (1) (r), is "held" by the person identified as the registered owner of the security upon books maintained for that purpose by or on behalf of the issuer. If the registered owner of an uncertificated security is identified as a brokerage account, the security is "held" as provided under par. (b).

766.01(9)(d)

(d) The property rights, as specified and described in ss. 178.21 and 178.22, of a partner in a general partnership are "held" by the partner.

766.01(10)

(10) "Income" means wages, salaries, commissions, bonuses, gratuities, payments in kind, deferred employment benefits, proceeds, other than death benefits, of any health, accident or disability insurance policy or of any plan, fund, program or other arrangement providing benefits similar to those forms of insurance, other economic benefits having value attributable to the effort of a spouse, dividends, dividends on life insurance and annuity contracts to the extent that the aggregate of the dividends exceeds the aggregate premiums paid, interest, income distributed from trusts and estates, and net rents and other net returns attributable to investment, rental, licensing or other use of property, unless attributable to a return of capital or to appreciation.

766.01(11)

(11) "Management and control" means the right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, institute or defend a civil action regarding or otherwise deal with property as if it were property of an unmarried person.

766.01(12)

(12) "Marital property agreement" means an agreement that complies with s. 766.58, 766.585, 766.587, 766.588 or 766.589. The term does not include the financial disclosure form under s. 766.588 (9) or 766.589 (10).

766.01(13)

(13) A person has "notice" of a fact if the person has knowledge of it, receives a notification of it, or has reason to know that it exists from the facts and circumstances known to the person.

766.01(15)

(15) "Property" means an interest, present or future, legal or equitable, vested or contingent, in real or personal property.

766.01(16)

(16) "Written consent" means a document signed by a person against whose interests it is sought to be enforced.

766.01 - ANNOT.

History: 1983 a. 186; 1985 a. 37; 1987 a. 393; 1991 a. 301; 1997 a. 297.

766.01 - ANNOT.

NOTE: 1991 Wis. Act 301, which affected this section, contains extensive legislative council notes.

766.01 - ANNOT.

From Common Law Property to Community Property: Wisconsin's Marital Property Act Four Years Later. Erlanger and Weisberger. 1990 WLR 769.