Wisconsin’s Marital Property Law
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None at this time.
- Bureau of Consumer Affairs
- Customer Service: (800) 452-3328
- Fax: (608) 267-0479
- Bureau of Consumer Affairs
- Department of Financial Institutions
- 345 W Washington Ave, 3rd Floor
- PO Box 8041
- Madison WI 53708-8041
Family Purpose Credit
The Marital Property Act creates an obligation "in the interest
of the marriage or the family" at
Sec.
766.55, Wis. Stats (PDF: external link).
This has been termed a "family purpose" obligation. Unfortunately,
there is no definition of either term. The statute simply states that
an obligation incurred by a spouse during marriage is presumed to be for
such a purpose. A family purpose debt is not limited to consumer credit
transactions.
Therefore, if a spouse applies for "family purpose" credit
the creditor must consider all marital property available
to satisfy the obligation in the same manner that it considers the availability
of property of an unmarried applicant. Any financial organization or other
credit granting commercial institution that violates this section may
be fined up to $1,000 (
Sec.
766.56(4)(a), Wis. Stats. (PDF: external link)).
Most creditors will likely secure a statement separately signed by the applicant spouse at or before the time the obligation is incurred stating that it is "in the interest of the marriage or the family." This, along with the presumption that all property is presumed to be marital property during the marriage and during probate, should be conclusive evidence that an obligation is for a family purpose.