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WEALTHY COULD PROTECT ASSETS FROM EX-SPOUSES IN NEW LEGAL PROPOSALS

Couples in Wiltshire may be able to ensure that some of their wealth is protected from divorce pay-outs under proposals contained in a consultation paper examining whether pre-nuptial agreements should be made legally binding.

The Law Commission, an independent body that advises the Government on changes to the law, is seeking public views on options before making recommendations on whether the legislation covering “pre-nups” is necessary.

Pre-nups are not legally binding in England and Wales, unlike in other European countries or the US.

Statistically, Wiltshire has a proportionally high number of high net-worth individuals and this recent review comes following a number of high profile cases, mostly focusing on what proportion of one party’s wealth should be available to be awarded to the other.

Stephen Moss, Partner at Lemon&Co who are experienced in advising couples on Prenuptial Agreements, says:

“Even though the proposals are in the consultation stage, for those people looking to benefit from a “prenup”, it is now important to give them serious consideration.”

“Despite these agreements not being currently legally binding, the courts will now frequently take them into account when making their decision as to the division of assets. This proposed change would essentially enable some assets – including property – being legally protected from inclusion within the matrimonial “pot”.”

“It is a very complex area of law but the ultimate aim must be that the law balances parties’ wishes relating to assets they bring to the marriage or relationships, but at the same time ensuring vulnerable parties and their children are not financially disadvantaged.”

Although people usually think about “prenups” in relation to men protecting their wealth, one of the most recent high-profile and landmark cases involved Katrin Radmacher, 41, a German heiress, worth £100 million, who won her four year court battle against her husband who claimed the contract they signed was unfair as he had not realised the true extent of her fortune, and therefore was entitled to a larger award.

If you are considering entering into a Prenuptial Agreement, Lemon&Co Solicitors recommend some key points:

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