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About The daily Nebraskan. ([Lincoln, Neb.) 1901-current | View Entire Issue (Feb. 14, 1995)
Pre-nup contract a caution By Matthew Waite Senior Reporter Wealthy people planning to remar ry may want to consider a pre-nuptial agreement, but that image does not reflect most college students getting married for the first time. In fact, Wally Becker, a Lincoln attorney, said the few first marriages that did have a pre-nuptial agreement attached to them usually involved names like Rockefeller. In that case, a pre-nuptial would be a precaution for the millions of dol lars in inheritance the person may be enti tled. But for most taking their first trip down the aisle, contracts don’t go well with tuxes and gowns. “Generally, before a first time, it suggests a sense of mistrust,” Becker “Generally, before a first time, it suggests a sense of mistrust. People say they are pooling their lives and funds. ” ■ WALLY BECKER Lincoln attorney said. “People say they are pooling their lives and hinds.” A pre-nuptial agreement is an agree ment that usually restricts the rights of a spouse in the event of death or di vorce, Becker said. The agreement, which is a legal contract, he said, spells out the rights of each party in a marriage to each "others’ property and wealth. When the parties have children from a first marriage and want their person al wealth to be given over to them, Becker said, they usually turn to a pre nuptial agreement. The agreement does not mean that the spouse would be cut out of any personal wealth, but the spouse would receive less than was allowed by state law. The agreement usually means that the two want to leave their property to their kids, he said, but at the same time, enjoy each other’s company. Becker said the provisions that all pre-nuptial agreements should include are: • The rights of the spouse in the event of death. • The rights of the spouse in the event of divorce. • A statement of what each con tractor would be required to do in exchange of the waiver of rights to the estate. • what the spouse may be required to give in the event of death or divorce. Beckersaidthe last provision could be waived by the parties taking no rights in each other’s estate. He said, however, that most people saw that as a harsh action. In the exchange for the waiver, Becker said that the wealthier of the two usually agreed to fund his or her spouse. That provision of funding can often times be defined in specifics, Becker said, including life insurance, housing and a required amount of vacation time each year. •METTLER FAMILY, | BAKERY | /• FRESH WEDDING CAKES • FREE DELIVERY AND / SET-OP V. r 474-5644 * 821 So. 11th GOOD Lire PHOTOGRAPHY Photographing Nebraska's People & Places 4035 South 48th St, Suite A Lincon. NE 68506 (402) 488-2899 '^^ure/^omance” - J I II — M items zsTT Tfbrms Jewelers ALternatIve Tan v?) All visit packages >3 may be split. Redding party discounts. _ '. . £ Lincoln's LARGEST Indoor Tanning J Facility! We ALWAYS meet any advertised salon price. alternative Tan alternative Tan I 12 Beds 5 Beds 466-1201 421-VT1 48tIi & R ?6rh & Hwy 2 Coutro PLaza OLd Ctagy Cotter I-:---—-1 There's A Reason We've Been In Business For More Than 40 Years. • We are specialists in men s formalwear. • We pay attention to the little details. • Our ten point inspection ensures you the perfect tux. • You'll appreciate our friendly, knowledgeable staff. • 3000tuxedos in stock, more than 70 incredible styles. * Dozens of new tuxedo, tie and vest styles for'95. • Nebraska's sole supplier of Perry Ellis and Ralph Lauren. * Lincoln’s only authorized Christian Dior dealer. •Plus hundreds of contemporary ties, vests, cummerbunds and shoes. Presenting The New Advantage Collection Of Tuxedos. Forty designer names and styl es. $49 CILLECTION It's just a part of our commitment to giving you the most extensive collection of the best names in formalwear. Visit Holway Formalwear and you’ll understand why we’ve been in business for so long. Nebraska’s Largest Formalwear Specialist 1228 P Street Gateway Shopping Center Lincoln, NE 68508 Lincoln, NE 68505 (402)476-2262 (402)464-6661 For a free color brochure, call 1-800-829-3387