I have a customer that took out a consumer note to buy a car. They were living in WI and unmarried at the time. They would now like to refinance that note and add $1,000 for repairs. They no longer live in WI (and now live in a state with no community property laws) and are now married. Community property no longer applies right?

Anybody?

That would be my assumption, but I would check with your legal counsel. It's my understanding that for community property to apply, the borrower has to reside in that state (it makes no difference where they were married or how long they've lived in a community property state). Simply put, either you're in or out.

It doesn't matter where the property was purchased or whether the ownerel was married or not. Where the property is now determines applicable laws.

TR - Cool - thanks for the tip, so if I drive our car out of Texas, it's all mine? Actually, if my wife and I live in a non-community property state and buy property in a community property state, it is not community property. It actual depends on where the customer resides, as the laws of that State will control how assets are distributed. Unless Wisconsin is different.

That's what I meant, Randy. It depends on where the customer resides.

Good Friday Afternoon,

Since they borrowesr are no longer Wisconsin residents, Wisconsin Marital Propert Act does not apply. Therefore you do not need to deal with WMPA disclosures etc. Similarly, the Wisconsin Consumer Act does not apply.