Our News
Supreme Court Ruling Will Accelerate Use of Pre- and Post- Nuptual Agreements- 22/10/2010
The UK Supreme Court ruling, that a pre-nuptial agreement is binding in the case of a German paper company heiress, will encourage many more people to enter into pre- and post-nuptial agreements to protect their assets in the event of a future divorce or separation, according to a leading Midlands matrimonial solicitor.
Anne Thomson, Partner and Head of Family Law at West Midlands law firm FBC Manby Bowdler LLP, says that the law firm had already seen an upsurge in agreements, both before and after marriage, before the Supreme Court upheld Katrin Radmacher's pre-nuptial agreement, which was designed to protect her fortune in the event of a divorce.
The Supreme Court ruling confirmed that the appeal court judges were right to slash the divorce settlement of Katrin Radmacher's ex-husband Nicolas Granatino from more than £5m to £1m.
“Pre- and post-nuptial agreements are not just for the rich. This ruling means that people entering second marriages, who want to protect their wealth for their children should the marriage fail, will find it much easier to do so,” says Miss Thomson, who is based in FBC Manby Bowdler’s Telford office.
“For many people entering second marriages, it really is a case of once bitten, twice shy, as those who have gone through a divorce, or have broken up after living together with a long term partner, seek to protect their assets the second time around,” she explains.
“The Law Commission is due to report in 2012 on whether a change in the law should be made to ensure pre-nuptial agreements are fully enforceable, but this ruling means that if the parties enter into a ‘pre-nup’ freely, are fully informed of all the relevant financial and other information, and the implications of the agreement, then the courts will uphold the ‘pre-nup’. In effect, they are now binding unless they are unfair.”
With 36 partners, FBC Manby Bowdler is one of the largest law firms in the West Midlands. The firm has offices in Wolverhampton, Willenhall, Telford, Shrewsbury and Bridgnorth.