12 law
Wealth protection on divorce
Penningtons Manches has one of the leading family law teams in the South East. Here, partner Kerry Fretwell outlines how pre-nuptial agreements can protect assets when a relationship breaks down
Anyone who has experienced a divorce may know that family law in England and Wales is based on a discretionary regime. The supposed advantage of this is that each case is treated on its own unique set of circumstances. The disadvantage is that it may be difficult to predict the outcome and the legal costs can be high. Recent case law is clear in respect to capital, namely that capital built up during the marriage should be shared equally, unless one spouse has a greater need, for instance a mother with dependent children and little mortgage capacity. But what of capital acquired before the
marriage or gifted or inherited during the marriage?
Although pre-nuptial settlements are still not legally enforceable (Ruth Deech introduced a private member’s bill in the last parliament to address this), the court is increasingly giving such settlements greater weight. Following the case of Radmacher and Granatino in 2010 (which involved a German heiress and a French banker divorcing in London), the court should uphold an agreement that is freely entered into by both parties with a full appreciation of its implications, unless it would be unfair to do so. Of course, what
is unfair can be in the eye of the beholder, which if there are court proceedings will mean the judge. However, there is now a trend which is limiting a spouse’s needs if there is a pre-nuptial agreement.
Most individuals seeking the security of a pre-nuptial settlement wish to protect their own separate property before marriage or property that they are likely to inherit. The court will strive to ensure that this separate property is kept out of the divorce settlement where it can. It is also possible to reaffirm the terms in a post-nuptial settlement after the wedding which helps to obviate any argument that duress is
Leading law firms join forces
Two of the south’s leading law firms have officially become one.
Trethowans, which has offices in Southampton and Salisbury, has merged with Poole-based Dickinson Manser to create one of the largest legal practices in the region.
The new firm boasts 27 partners and over 65 lawyers who combine their expertise to offer clients enhanced legal services in a range of specialisms.
Commercial clients include international and national household brand names, owner-managed businesses, entrepreneurs and major regional employers across the UK. The legal teams will also work with individuals, such as landowners, local families, property developers and trustees.
Both firms are well established in the region: Trethowans has been providing high-quality legal services for nearly 150 years and Dickinson Manser’s history can be traced back to 1768.
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involved. Additional safety guards include signing the document at least 21 days before the wedding, making proper financial disclosure and ensuring that each party has had independent legal advice. Interestingly, in Radmacher, the document was prepared in German on the eve of the wedding with no financial disclosure. Despite this, it was still upheld by the English Supreme Court.
It would be prudent and advisable for anyone who is contemplating marriage and who has already built up a capital base or expects a material inheritance, to protect that asset by entering into a pre-nuptial agreement. They are as applicable for those in their 20s or 30s as they are to those who may be a bit older and considering a remarriage.
Details: Kerry Fretwell
kerry.fretwell@
penningtons.co.uk www.penningtons.co.uk
Clarke Willmott recognised with quality accreditation
Southampton-based law firm Clarke Willmott LLP has received the Law Society’s legal practice quality mark, Lexcel.
From left: Partners Simon Rhodes from Trethowans and Mark Daniels from Dickinson Manser; Chris Whiteley, managing partner of Trethowans; and Gary Pick, senior partner of Dickinson Manser
The new firm continues to be known as Trethowans and managing partner Chris Whiteley continues in his role.
Ushering in the new era, Whiteley said: “The merger has been many months in the planning. Both practices have excellent reputations and the merger will only serve to enhance the new firm’s standing in the region.
"The deal comes just 10 months after Trethowans expanded into new Southampton offices and
operating in a third location is key to the ambitious plans we have for the future.”
Dickinson Manser senior partner Gary Pick added: “Trethowans operates with values that match our own and by joining forces we will be able to offer an even greater depth of expertise to clients. As a team we remain committed to providing the best possible legal advice to both private individuals and commercial enterprises.”
Clarke Willmott is one of the first law firms to have received the recently-launched version six of the accreditation this year and it is the 15th year running that the practice has successfully secured the accolade.
Lexcel is a nationally-recognised accreditation which assesses law firms and in-house legal departments and gives assurance that a practice meets high client care and business management standards.
Kelvin Balmont, partner and head of Clarke Willmott’s Southampton office, said: “There is a lot of competition in the legal sector but our re-accreditation really singles us out as a reliable, professional and proficient firm.”
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – NOVEMBER 2015
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