Pre and post-nuptial agreements are likely to be given binding status, in a move that’s intended to give couples a more predictable outcome on divorce.
The Law Commission’s report, Matrimonial Property Needs and Agreements, proposes that the agreements be enforceable as contracts, but only after both partners’ financial needs, and any financial responsibilities towards children, have been met. Both parties would also need to have disclosed all material information about their financial situation and both must have received independent legal advice.
Under the current law, couples can make pre and post-nuptial agreements but no one can be certain they will be upheld, although they have been gaining in weight since the Supreme Court ruling in the 2010 landmark case of Radmacher v Granatino.
The Courts generally look favourably if an agreement has been “freely entered into by each party with a full appreciation of its implications unless in the circumstances prevailing it would not be fair to hold the parties to their agreement”.
But at the same time that the Law Commission published its proposal, an heiress to a fortune from her father’s media company which created Bob the Builder, was being told to buy her ex-husband a house, at a cost of around £1.2 million, despite a series of apparently cast-iron nuptial agreements being in place.
Read the full article here: Pre and post-nups look set to be binding in the future