Pre-nuptial agreements have historically not been considered in England and Wales. But now rich husbands and wives have the chance to protect their fortunes in the event of divorce as some of the country’s most senior judges upheld the validity of the agreement on a landmark case.
A pre-nuptial agreement is a contract entered into prior to marriage or civil union and includes provisions for the division of property and spousal support in the event of the breakup of the marriage. It can mean that a partner who has been adulterous or has failed conditions in their guardianship is awarded none of their partner’s assets or money.
This week’s Supreme Court ruling which upheld a pre-nuptial agreement between a German paper company heiress and her husband will set the bar for similar cases in the future. Katrin Radmacher’s ex-husband failed to claim a greater chunk of her 100 million fortune than the contract awarded him. Meanwhile some lawyers were anxious that the ruling would establish a “rich man’s charter” which only protected the interests of the wealthy.
It may seem like a sensible agreement to make when many marriages break down these days, but some of these ridiculous clauses could make you question the suitability of pre-nuptial agreements. In 2008 a US newspaper found clauses including a $100,000 fine if a wife’s weight went over 120 lbs during the marriage, a limit to one football game per season, and even the right to conduct regular drugs tests on a partner with financial penalties if they failed.
Hollywood stars sign big budget pre-nupts. Actor Catherine Zeta Jones is set to gain $1 million for every year spent with husband Michael Douglas if they ever split up.
The Radmacher ruling has completely changed Britain’s stance on pre-nuptial agreements, and the Law Commission is now set to investigate whether a change in divorce law should be made to accommodate for fully legal pre-nuptial agreements. They will issue the report in 2012.
If you need advice or representation on any aspect of family law, contact Family law solicitor Manchester and Macclesfield solicitors Hague Lambert now.
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