Landmark Supreme Court ruling on pre-nupsThe Supreme Court ruled for the first time that prenuptial agreements should have "decisive weight" in English divorce courts. They are binding providing they are fair.
The pre-nup in question was signed by Nicolas Granatino in Germany when he married German heiress Katrin Radmacher in 1998 after meeting her in the Tramps nightclub. The couple got married in Westminster and had two daughters, now age ten and seven.
French-born Granatino was an investment banker at JP Morgan until 2003, when he quit his banking career and is annual earnings of £330,000 to become a £30,000-a-year researcher at Oxford University. He kept on enjoying the good life at the expense of his wife. The couple parted ways in 2006.
Granatino was seeking £6million in a divorce settlement. Although he had agreed not to make any claims on her fortune if they split up, he was awarded £5.85m for his own use by a high court judge in 2009.
But due to the current Supreme Court ruling, he has to settle for “only” £1m and the use of a £2.5m home until his younger daughter is 22. Radmacher’s wealth is estimated at more than £100m, largely inherited from her family’s paper firm.
The Supreme Court ruled that the prenuptial agreement that Radmacher signed with her ex-husband to protect her fortune should be binding in England, even though it was signed in Germany.
Both parties were well represented. Radmacher's legal team included Ayesha Vardag, one of London’s famous divorce solicitors, and the eminent QC Richard Todd. Granatino’s legal team included Fiona Shackleton and Nicholas Mostyn, QC, who represented Sir Paul McCartney against Heather Mills.
Unlike the US and the rest of Europe, prenuptial contracts had little force in divorce settlements in England. Marital assets are normally divided equally between the former spouses.
Interest in prenuptial agreements is at an all-time high, also due to the rise in second marriages. Spouses have children and assets to protect from their previous marriages.
Before tying the knot, get a pre-nup. If everything goes well, you never need it. In case you and your spouse do break up, it is one thing less to fret about…..
(Image courtesy of www.funfacts.com.au)
