(1) AUTHORITY. The parties in an action for an annulment, divorce, or legal separation may, subject to the approval of the court, stipulate for a division of property, for maintenance payments, for the support of children, or for legal custody and physical placement, in case a divorce or legal separation is granted or a marriage annulled.
(2) LIMITATIONS ON COURT APPROVAL.
(a) A court may not approve a stipulation for child support or family support unless the stipulation provides for payment of child support determined in a manner consistent with s. 767.511 or 767.89.
(am) A court may not approve a stipulation for expressing child support or family support as a percentage of the payer’s income unless all of the following apply: 1. The state is not a real party in interest in the action under any of the circumstances specified in s. 767.205 (2) (a). 2. The payer is not subject to any other order, in any other action, for the payment of child or family support or maintenance. 3. All payment obligations included in the order, other than the annual receiving and disbursing fee under s. 767.57 (1e) (a), are expressed as a percentage of the payer’s income.
(b) A court may not approve a stipulation for a division of property that assigns substantially all of the property to one of the parties in the action if the other party in the action is in the process of applying for medical assistance under subch. IV of ch. 49 or if the court determines that it can be reasonably anticipated that the other party in the action will apply for medical assistance under subch. IV of ch. 49 within 30 months of the stipulation.
(3) APPROVAL OF STIPULATION FOR MODIFICATIONS CONTINGENT ON FUTURE EVENT.
(a) In this subsection, “future event” means a life event of a party or of the child or a change in the developmental or educational needs of the child.
(b) A court may approve a stipulation for legal custody and physical placement that includes modifications to legal custody or physical placement upon the occurrence of a specified future event that is reasonably certain to occur within 2 years of the date of the stipulation. A court may not approve a stipulation under this subsection that is based on an anticipated behavior modification of a party.