Mark and Lisa are married Wisconsin residents. In 2015, Mark inherited a lakefront property in Vilas County from his father. The deed was issued to 'Mark Johnson' alone. In 2020, Mark and Lisa refinanced the property and the new mortgage was signed by both spouses. In 2024, Mark wants to sell the property. Lisa refuses to sign the deed. Which of the following is most accurate under Wisconsin law?
Correct Answer
A) Mark can sell the property without Lisa's signature because inherited property remains individual property
Under Wisconsin Statutes Chapter 766, property inherited by one spouse is individual property and retains that classification unless it is intentionally reclassified through a marital property agreement or commingled with marital funds in a way that makes tracing impossible. Simply signing a mortgage together does not automatically convert individual property to marital property. Mark can convey the property without Lisa's signature because it remains his individual property.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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