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Supreme Court rules in favour of pre-nuptial agreement | |
(about 6 hours later) | |
The UK Supreme Court has ruled that a pre-nuptial agreement is binding in the case of a German paper company heiress. | |
Katrin Radmacher's ex-husband Nicolas Granatino went to the Supreme Court after appeal judges slashed his divorce settlement from more than £5m to £1m. | |
The Supreme Court said it agreed that in the right case such agreements can have decisive or compelling weight. | |
The case was seen by lawyers as a test of whether pre-nup agreements were applicable in law in England and Wales. | |
Lord Phillips, president of the Supreme Court, said the courts would still have the discretion to waive any pre-nup or post-nup agreement, especially when it was unfair to any children of the marriage. | |
Katrin Radmacher, who was present at the Supreme Court for the ruling, said afterwards: "I am really pleased with the ruling but saddened at the four-year process that brought us to this point. | |
"I am delighted that Britain has upheld fairness. It is important to me that no-one else should have to go through this." | |
Payment reduced | |
Mr Granatino, a French investment banker who became an Oxford University researcher, and his German former wife signed their pre-nup in 1998. | |
They spent most of their life together in Chelsea, west 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. | 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. |
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. | 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. | 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. |
'Financial ruin' | |
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. | 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. | |
Before the Court of Appeal judgement was handed down, it was understood pre-nuptial agreements were not recognised in English law. | Before the Court of Appeal judgement was handed down, it was understood pre-nuptial agreements were not recognised in English law. |
The Law Commission is due to report in 2012 on whether a change in the law should be made to ensure pre-nuptial agreements are fully enforceable. | The Law Commission is due to report in 2012 on whether a change in the law should be made to ensure pre-nuptial agreements are fully enforceable. |