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Are you planning to get married? If so, hopefully your marriage will be a happy and successful one. Without wanting to put a dampener on any forthcoming nuptials, it is a sad fact that many marriages end in divorce. In the unfortunate event of Marital breakdown, an effective pre-nuptial agreement could make resolving financial matters less painful. In particular, if you are entering the marriage with assets you wish to protect then you should consider entering in to pre-nuptial agreement.
What is a pre-nuptial agreement? It is an agreement entered into before a marriage setting out what will happen in relation to financial matters if the marriage breaks down.
Are they enforceable? They are not strictly legally binding under the law in England and Wales. Before you decide they must be a waste of time, however, read on! The effectiveness of pre-nuptial agreements is dictated by cases decided in the country’s higher courts. There has recently been a gradual trend in the courts upholding pre-nuptial agreements.
The most recent, well publicised case of Radmacher v Granatino gives clear indication that such agreements should usually be upheld and many people believe the decision in this case effectively legalises pre-nups. In this case the Supreme Court gave effectiveness to the pre-nuptial agreement wealthy German heiress Karin Radmacher entered into with her husband Nicolas Granatino which protected her £100 million pound fortune and left Mr Granatino with just £70,000 maintence per year.
It is certainly clear that this land mark ruling means that if a couple enters into a pre-nuptial agreement they are likely to have to stand by it.
Are you planning to get married? If so, hopefully your marriage will be a happy and successful one. Without wanting to put a dampener on any forthcoming nuptials, it is a sad fact that many marriages end in divorce. In the unfortunate event of Marital breakdown, an effective pre-nuptial agreement could make resolving financial matters less painful. In particular, if you are entering the marriage with assets you wish to protect then you should consider entering in to pre-nuptial agreement.
What is a pre-nuptial agreement? It is an agreement entered into before a marriage setting out what will happen in relation to financial matters if the marriage breaks down.
Are they enforceable? They are not strictly legally binding under the law in England and Wales. Before you decide they must be a waste of time, however, read on! The effectiveness of pre-nuptial agreements is dictated by cases decided in the country’s higher courts. There has recently been a gradual trend in the courts upholding pre-nuptial agreements.
The most recent, well publicised case of Radmacher v Granatino gives clear indication that such agreements should usually be upheld and many people believe the decision in this case effectively legalises pre-nups. In this case the Supreme Court gave effectiveness to the pre-nuptial agreement wealthy German heiress Karin Radmacher entered into with her husband Nicolas Granatino which protected her £100 million pound fortune and left Mr Granatino with just £70,000 maintence per year.
It is certainly clear that this land mark ruling means that if a couple enters into a pre-nuptial agreement they are likely to have to stand by it.
Ideally the parties to the pre-nuptial agreement will simply put it into effect if the marriage breaks down without the need to argue through the courts. Be prepared, however, for the possibility that if marital bliss comes to an end your spouse may decide they are no longer happy with the agreement. The following points should be borne in mind: