The UK Supreme Court has ruled in a landmark case that a
pre-nuptial agreement is binding - a decision that has enormous
implications for couples everywhere.
Katrin Radmacher's ex-husband Nicolas Granatino had gone to the
Supreme Court after three appeal judges slashed his divorce
settlement from more than £5m to £1m. But by an
overwhelming and decisive majority the Supreme Court dealt him a
devastating blow, dismissed his appeal and imposed a general rule
that fair family agreements will be a compelling factor in
cases.
Andrew Breakwell, Harvey Ingram's new head of Family Law, has
enormous experience in pre-nuptial agreement planning and has been
following the case closely.
He says: "This is a long awaited and very welcome decision.
Families want to protect and control their assets. This judgment
introduces much needed clarity and will now enable couples to
fairly plan their finances before or during their marriage. Family
agreements no longer have an air of Teflon about them. They are
intended to stick and to bind parties. It is refreshing to see an
end to the nanny state attitude that prevailed.
"At long last the parties themselves have much more say and have
far greater control over their financial affairs. We are ideally
placed to assist families in protecting, controlling and fairly
dealing with their wealth. "
Mr Granatino was a French investment banker who became an Oxford
University researcher. He and his German former wife signed their
pre-nup in 1998. They spent most of their life together in London,
until their divorce in 2007. In July, the Court of Appeal agreed
that Katrin Radmacher, thought to be worth £100m, should be
protected by the terms of a German marriage contract. But her
ex-husband Nicolas Granatino was fighting to get that ruling
overturned.
Ms Radmacher's former husband had agreed not to make any claims
on her fortune if they split up, but was awarded £5.85m by a
High Court judge in 2008. She challenged that decision and judges
at the Court of Appeal agreed that the couple's pre-nuptial
contract should have been taken into account.
They slashed his lump sum payment to about £1m. Mr
Granatino also received a £2.5m fund for a house, which would
return to Ms Radmacher when the younger of their two daughters,
aged 10 and seven, reaches 22. Mr Granatino said being forced to
accept the smaller settlement would leave him in financial ruin,
and he asked the Supreme Court to reverse the decision.
Harvey Ingram is ideally placed to assist families in
protecting, controlling and fairly dealing with wealth management.
We have an outstanding offering now brimming with experts to
maximise and safeguard individual and family wealth - be it within
a company, property or in sophisticated structures on and
offshore.
For more information about Harvey Ingram, please visit their
website here: www.harveyingram.com