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Supreme Court rules in favour of pre-nuptial agreement Supreme Court rules in favour of pre-nuptial agreement
(40 minutes later)
The UK Supreme Court has ruled that a pre-nuptial agreement is binding in the case of a German paper company heiress.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.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 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.The case was seen by lawyers as a test of whether pre-nup agreements were applicable in law in England and Wales.
The justices dismissed Mr Granatino's appeal by a majority of eight to one.
They said that following their ruling "it will be natural to infer that parties entering into agreements will intend that effect be given to them".
'Upheld fairness'
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.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. Ms 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.""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 Nicholas Mostyn QC, representing Mr Granatino, had told the Supreme Court the contract was impermissible because it amounted to a court legislating over pre-nuptial agreements which were not recognised in English law.
Mr Granatino, a French investment banker who became an Oxford University researcher, and his German former wife signed their pre-nup in 1998.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.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. 'Financial ruin'
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' The Appeal Court had agreed that Ms Radmacher, thought to be worth £100m, should be protected by the terms of the German marriage contract. Mr Granatino was fighting to get that ruling overturned.
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.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.