Marcus and his wife Elena purchased a home in Madison, Wisconsin in 2018, after their marriage. Marcus now wants to convey the property solely to his business partner without Elena's involvement. Under Wisconsin law, which of the following statements is correct regarding this transaction?
Correct Answer
A) Elena must also sign the deed because the property is classified as marital property under the Wisconsin Marital Property Act.
Under Wisconsin Statutes Chapter 766 (the Wisconsin Marital Property Act), property acquired during marriage is generally classified as marital property. Both spouses must sign a deed conveying marital property, regardless of whose name appears on the title. Since Marcus and Elena purchased the home during their marriage, Elena's signature is required on any deed conveying the property.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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