Is the law on Prenuptial Agreements about to change?
The Law Commission started a project in October 2009 called the “Marital Property Agreements project”.
This project was extended during the consultation process and it is now known as the “Matrimonial Property, Needs and Agreements project”.
Its purpose was to examine the status and enforceability of marital property agreements, including pre-nuptial, post-nuptial and separation agreements.
The Law Commission has recently confirmed that it intends to publish the project report on 27 February 2014.
What is the aim of the project?
The Law Commission's stated aim is to bring clarity and predictability to areas of the law regarding financial orders that cause particular difficulties.
It is not a full scale reform of the law of financial orders.
What are the implications?
There has been some recent press speculation about the status of pre-nuptial agreements under English law.
However, the Law Commission has not yet published its report and it remains the case that pre-nuptial agreements are not currently binding under English law.
The full implications of the Law Commission’s project will not be known until after the re-port is published.
What is the current law?
Pre-nuptial agreements are not formally binding in England and Wales but they have been regarded by the court as persuasive and even 'decisive'.
Since the landmark Supreme Court case of Radmacher v Granatino in 2010, the courts give significant weight to pre-nuptial agreements when assessing finances.
What do you think?
The report will certainly be food for thought to many with pre-nuptial agreements in place, as well as those who are in the process of, or are about to divorce.
We’d love to hear your thoughts in the comments, below: