Take a moment for “Bits & Bytes” as Deanne Koll explains how marital property rules affect a lender’s ability to collect on a debt?
Disclaimer: This video is designed to be educational and informative, but it is not legal advice. Collection law is constantly evolving and subject to change. Each situation is unique, and each case should be addressed to fit the unique situation.
You’ve probably heard people talk about the Marital Property Act. The Marital Property Act may affect the property which is available to a creditor to satisfy a debt obligation. Under the Marital Property Act, any obligation of either spouse may be satisfied from all marital property.
Meaning, even if one spouse was the only spouse who signed to incur the debt, the marital property of either spouse can be used to satisfy it. For example, husband obtains a debt for the purchase of his new truck, and he is the only one who signs.
Husband later defaults on the loan, and a judgment is obtained. The creditor can satisfy the debt from wife’s wages, even though she never personally signed the dotted line.
A creditor should note, however, that the debt must be “incurred in the interest of the marriage” for it to be a marital debt and opening the door for satisfaction from all the marital property. In Wisconsin, it is presumed that any debt incurred by a Wisconsin resident has been incurred in the interest of the marriage or family.
There are many other intricacies about the Marital Property Act of which a creditor should be aware. You should discuss any specific questions with your attorney.
The 2015 Employment Law Seminar, hosted as part of the Breakfast with Bakke Norman seminar series, was held on August 31, 2015 at the New Richmond Golf Club.
- How to Prepare, Conduct and Document Employee Discipline and Terminations, presented by Rick Schemm.
- Recent interesting developments in employment law, presented by Pete Reinhardt.
- Conflicts at Work – Playing Nice with Other Humanoids, presented by Sally Field.
Bakke Norman attorneys Tim O’Brien, Pete Reinhardt, Deanne Koll and Bridget Finke have been recognized in the latest edition of Wisconsin Super Lawyers. Attorneys O’Brien and Reinhardt were named Super Lawyers, an honor given to no more than 5% of Wisconsin attorneys. To earn the honor, nominees must pass a rigorous, multi-phase selection process that considers 15 separate indicators of peer recognition, professional achievement and high ethical standards. Attorneys Koll and Finke were named Rising Stars, which recognizes the best attorneys under age 40 or within their first 10 years of practice. No more than 2.5% of Wisconsin attorneys are named to the Rising Star list.
Tim O’Brien is a trial lawyer. He concentrates his practice in defending felony criminal matters, representing persons injured by negligent acts, and assisting businesses involved in litigation. He is certified as Civil Trial Specialist by the National Board of Trial Advocacy and is a past Chair of the Litigation Section of the State Bar of Wisconsin. This is the seventh time he has been listed in Super Lawyers.
Pete Reinhardt is also a trial lawyer. He primarily represents individuals and companies involved in employment and business litigation, while also advising them on meeting the requirements of State and Federal labor and employment standards. He also speaks to employers and other attorneys on the best practices and latest developments in employment law. This is the sixth consecutive year he has been listed in Super Lawyers.
Deanne Koll’s practice focuses on assisting local lenders and businesses in collection and creditor actions. She regularly appears in federal bankruptcy court in her representation of creditors and financial institutions. She also uses her extensive financial industry knowledge on business litigation cases and other complex trial work. In 2014, Koll was elected by lawyers from St. Croix, Pierce, Dunn and Eau Claire Counties as their representative to the Board of Governors, which directs and manages the State Bar of Wisconsin. This is the sixth time Koll has been recognized as a Rising Star by Super Lawyers.
A first-time selection, Bridget Finke assists individuals and businesses with their non-court legal needs, such as business succession, estate planning, probate and trust administration, real estate and general business matters. Raised on a dairy farm in central Wisconsin, she now concentrates on assisting farm families with farm transition and succession. Finke also regularly appears on Bob Bosold’s morning farm show on WAXX 104.5 radio.