Pre-Nuptial Agreements Now Binding
Today (20th October) saw the Supreme Court (the highest Court in the land) Judgment given in the case of Radmacher v Granatino. This Judgment effectively now means that Pre-Nuptial Agreements are binding. Today’s Judgment is a major step forward. Legal Practitioners know that the financial uncertainty is one of the most stressful elements of any divorce.
Contested divorce proceedings can last many months and can cost thousands if not tens of thousands of pounds. Unlike the US and the rest of Europe, contracts where couples agree how they would split their assets if the marriage broke down were not enforceable in the UK.
With second marriages on the rise, people marrying later and many couples entering marriage with perhaps more money, property and assets in their own names, it is likely that there will be more and more demand for Pre-Nuptial Agreements. The Judgment now means that couples can decide at a time when they are contemplating the rest of their lives together as a married couple how their assets should be divided in the event that the worst happens i.e. a separation/divorce.
The much needed Judgment clarifies the status of these agreements and is a victory for fairness and commonsense. The Judgment now makes it clear that such agreement is presumed to be enforceable except where they lead to unfair outcomes. Any arguments about unfairness are to be left to the Court to decide.
Smith Partnership has one of the largest legal teams in the East Midlands area and are able to draft Pre-Nuptial Contracts if needs be at short notice for couples contemplating getting married.
If you would like more information on this topic, contact Ruth Jones on 01332 225 225 or by email - ruth.jones@smithpartnership.co.uk.