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Supreme Court to rule on heiress pre-nuptial agreement Supreme Court rules in favour of pre-nuptial agreement
(about 6 hours later)
A decision by the Supreme Court later in the divorce case of a German heiress could change the law on pre-nuptial agreements in England and Wales. 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.
But her ex-husband Nicolas Granatino is fighting to get that ruling overturned. Her ex-husband Nicolas Granatino was fighting to get that ruling overturned.
So-called "pre-nups" are not currently binding in England and Wales, but the outcome of the case could change that.
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' claim '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 says being forced to accept the smaller settlement would leave him in financial ruin, and he is asking the Supreme Court to reverse the decision. 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.
But in making their ruling the judges said "decisive weight" must be given by the courts in England and Wales to such contracts.
Mr Granatino, who is French and an investment banker who became an Oxford University researcher, and his former wife, who is a German heiress to a paper company, signed their pre-nup in 1998.
They spent most of their life together in Chelsea, west London, until their divorce in 2007.
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.
Until then, the Supreme Court ruling will provide the clearest guide.
Andrew Newbury, one of the lawyers who contributed to the Law Commission review, said: "Giving pre-nuptial agreements the full force of law would be a very significant step, arguably the biggest development in family law reform for more than 20 years.
"However, there are those who see their introduction as making divorce easier and that goes against all parties who have pledged to support the family.
"Making pre-nups legal isn't a vote winner either, so the political impetus for change is going to be negligible, even though calls for that change to happen are actually growing in frequency and volume."