48 law
Wealth protection on divorce
Penningtons Manches has one of the leading family law teams in the Thames Valley. Here, Kerry Fretwell, a partner in the firm’s Reading office, 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
Blake Morgan celebrates success in local authorities framework bid
Specialists from Oxford law firm Blake Morgan have been successful in a major tender to provide wide-ranging legal services to local authorities in Oxfordshire.
The firm, based at Seacourt Tower, has been accepted on the external legal services framework of a consortium of authorities including Oxfordshire County Council and Oxford City Council, which combined to put legal services out to tender to increase cost efficiency.
The tender covers legal services across a wide spectrum of areas of expertise including commercial contracts, joint ventures and projects, procurement, property and estates, housing, corporate governance, civil litigation, local government law, employment and pensions.
www.businessmag.co.uk
Blake Morgan’s bid was led by Oxford-based partner Penny Rinta-Suksi, who said: “We are delighted with this appointment. Blake Morgan has a well-established public-sector practice with the talent, experience, understanding and strength in depth to offer excellent value to our clients on this framework.
“This formally cements the strong relationships that we have with many of the authorities entitled to use the framework, and helps us to forge new ones.”
The Oxfordshire success comes soon after Blake Morgan won eight out of 11 lots on the Welsh National Procurement Service Framework, the first legal framework for the Welsh Government.
As part of the tendering
process for the Oxfordshire consortium Blake Morgan highlighted several recent case studies that demonstrated the strength of its work in the public sector.
Mike Wilson, Blake Morgan regional senior partner for the Thames Valley, said: “Our extensive experience and close working relationships with public-sector clients mean that we have a depth of understanding of the ever- increasing financial pressures that they face and the need to procure vital legal services in the most cost-efficient way possible.
“This, along with the high quality of our client service, is the driving force behind all our public service tenders, and has been recognised in this recent run of successes.”
Blake Morgan is one of 10 firms appointed during
Penny Rinta-Suksi
the process. The full list of major organisations in the Oxfordshire consortium is: Oxfordshire County Council, Oxford City Council, Vale of White Horse District Council, South Oxfordshire District Council, West Oxfordshire District Council, Cotswold District Council, Cherwell District Council, South Northamptonshire Council, Stratford on Avon District Council and Royal Berkshire Fire Authority. The framework also includes associated parish councils in Oxfordshire.
THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2015
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 twenties or thirties as they are to those who may be a bit older and considering a remarriage.
Details: Kerry Fretwell 0118-9822640
kerry.fretwell@
penningtons.co.uk www.penningtons.co.uk
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