Winckworth Sherwood on marital property agreements ('pre-nups') — how the law has changed
Evidence of the cost and acrimony caused by divorce can be found on an almost daily basis in the UK media, laying bare the separation details of ‘celebrities’. Marital property agreements, or pre-nuptial agreements as they are more commonly known, are often discussed in such stories, leading many to believe ‘pre-nups’ are confined to only the rich and famous; they are not.
Following the widely publicised Supreme Court case of Radmacher v Granatino in 2010, pre-nups have gained strength in their ability to protect the assets of those entering into marriages or civil
partnerships. If entered into in a spirit of collaboration, they can reduce the acrimony and difficulty often experienced upon divorce and the subsequent division of assets.
A pre-nuptial or pre civil partnership agreement is is a contract entered into before a marriage. The written agreement sets out what the couple agree should happen in relation to finances and other matters, should the relationship break down in the future. An agreement may provide for the division of capital and property, and whether and how much maintenance will be paid by a former spouse to the other…
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This decision represents a welcome return to the ‘pay for what you use’ principle and strikes a fairer balance between different creditor and expense groups.
Winckworth Sherwood has provided a summary of the Trusts (Capital and Income) Act 2013.