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.
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