A Wisconsin couple, David and Sarah, are selling their home. They purchased the home before their marriage, but both names were added to the deed after the wedding. Under the Wisconsin Marital Property Act (Chapter 766), which statement is most accurate regarding the sale?
Correct Answer
B) Both David and Sarah must sign the deed because the property is now classified as marital property.
Under the Wisconsin Marital Property Act (Wis. Stat. Chapter 766), once both spouses' names appear on the deed, the property is treated as marital property regardless of when it was originally acquired. Because both David and Sarah are on the deed, both must sign any deed conveying the property to ensure clear title is transferred. The Marital Property Act requires both spouses' signatures to convey marital real property.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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