Who owns what? Why does it matter for Estate Planning?

Wisconsin is a community property state, meaning anything acquired by either spouse during marriage is considered as being owned equally by both partners. This can present serious challenges in an estate planning context.

Enter the marital property agreement, also known as a postnuptial agreement. Marital property agreements can serve many functions for estate planning:

• Estate Tax implications: Enable high net-worth couples to take advantage of both individuals’ full federal estate tax exemption when one partner came into the marriage with significantly fewer assets.
• Family Businesses and Professional Practices: In the absence of a marital property agreement, the surviving business partners of the deceased may have to buy out the surviving spouse’s share of the business or partnership – with potentially devastating consequences for the operation of the business.
• Children from previous relationships: Protect the inheritance and financial interests of children from a prior relationship.
• Valued items and collectibles: Ensure that collections and high-value personal property can be left to someone other than the surviving spouse, if so desired.

Why work with Capital Law Group?

In an estate planning context, marital property agreements are rarely contentious, but both partners will be well-served representation. This includes working with a team experienced in both estate and family law. Get started today by calling 608-466-7298 or complete our online form.