FOR LOVE OR MONEY ?
02 November 2010
FOR LOVE OR MONEY?
Until last week pre-nuptial agreements were something seen usually only in Europe or the US.
Family law in England and Wales has always been proud of its distinction from other jurisdictions. Whether for moral, public policy or legal reasons, the courts in this country have at best never been more than lukewarm in their attitudes to pre-nuptial agreements, an arrangement whereby couples about to be married agree what the financial split will be between them in the event of the marriage failing.
All this has now changed.
In a landmark case before the Supreme Court on 20th October, it was held that the German heiress Katrin Radmacher was indeed entitled to rely on a pre-nuptial she had entered into with Nicolas Granatino. In the signed agreement Granatino had confirmed that he would not claim on Radmacher’s vast fortune, reputed to be worth more than £100m, in the event that the marriage ended up in the divorce courts.
Solicitor William Edwards says that this marks a significant shift in family law.
‘It brings a certainty which was never there before,’ says William. ‘The Supreme Court did state that pre-nuptial agreements have to be ‘fair’ in order for them to be enforceable. But yes, it does change everything. As far as English law is concerned, pre-nuptial agreements are now very much here to stay.’
In the meantime, what has happened to Mr Granatino? Not all is lost. Mr Granatino, who now works as a banker, has been allowed to stay in the family mansion until the youngest child reaches the age of 22 and he was also awarded £1m to help him on his way.
For further information on pre-nuptial agreements contact William Edwards at wedwards@th-law.co.uk
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