The UK Supreme court has ruled that a pre-nuptial agreement is binding in the case of a German paper company heiress. Katrin Radmacher's ex-husband Nicolas Granatino went to the Supreme Court after appeal judges slashed his divorce settlement from more than £5m to £1m as a result of a prenuptial agreement between the parties. In the ruling the Supreme Court said “It will be natural to infer that parties entering into agreements will intend that effect be given to them.” However, Lord Phillips, president of the Supreme Court, said the courts would still have the discretion to waive any pre-nuptial or post-nuptial agreement, especially when it was unfair to any children of the marriage.
Until recently it has been the case that agreements made before marriage by a husband and a wife that attempted to influence the way divorce courts allocate assets were of little value. However recent case law indicates that England is catching up with the rest of Europe and the courts are now taking them into consideration when deciding on the division of matrimonial assets.
These are the items that should receive consideration when drawing up an agreement:-
- division of property
- personal rights
- child arrangements
- various practical matters
- the reason why a prenuptial agreement is being drawn up
For further information please contact Paul Antoniou.