766.53 Gifts of marital property to 3rd persons. A spouse acting alone may give to a 3rd person marital property that the spouse has the right to manage and control only if the value of the marital property given to the 3rd person does not aggregate more than either $1,000 in a calendar year, or a larger amount if, when made, the gift is reasonable in amount considering the economic position of the spouses. Any other gift of marital property to a 3rd person is subject to s. 766.70 (6) unless both spouses act together in making the gift. Under this section and for the purpose of s. 766.70 (6) (a), in the case of a gift of marital property by a spouse to a 3rd person in which the donor spouse has retained an interest, the gift shall be valued at the full value of the entire transfer of marital property, regardless of any retained interest or interest donated to the other spouse. For purposes of this section only, a gift of a life insurance policy by a spouse to a 3rd person shall be valued at the amount payable under the policy if the insured died at the time the gift was made.
History: 1983 a. 186; 1985 a. 37.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 766 - Property rights of married persons; marital property.
766.001 - Liberal construction; intent.
766.15 - Responsibility between spouses.
766.17 - Variation by marital property agreement.
766.31 - Classification of property of spouses.
766.51 - Management and control of property of spouses.
766.53 - Gifts of marital property to 3rd persons.
766.55 - Obligations of spouses.
766.555 - Obligations of spouses under open-end plans.
766.56 - Credit transactions with married persons.
766.565 - Relationship to consumer act.
766.57 - Protection of bona fide purchasers dealing with spouses.
766.575 - Protection of trustees dealing with spouses.
766.58 - Marital property agreements.
766.585 - Marital property agreements before determination date.
766.587 - Statutory individual property classification agreement.
766.588 - Statutory terminable marital property classification agreement.
766.589 - Statutory terminable individual property classification agreement.
766.59 - Unilateral statement; income from nonmarital property.
766.60 - Optional forms of holding property; survivorship ownership.
766.605 - Classification of homestead.
766.61 - Classification of life insurance policies and proceeds.
766.62 - Classification of deferred employment benefits.
766.75 - Treatment of certain property at dissolution.
766.95 - Rules of construction.