The Law Commission have released a report which recommends that Maritial Property Agreements (‘pre-nuptial agreements’) be legally binding, a move that if enforced could greatly affect the wealthy population.
If implemented, it would bring more financial certainty to marriages. However, it has been suggested that it could also lead to manipulation of the financially weaker partner.
Claire Blakemore, partner in Withers Family Team, said: "Individuals with pre-acquired wealth or inherited assets will welcome the recommendation by the Law Commission that parties should be able to enter into binding nuptial agreements if ‘needs’ are met. However following this report the focus will inevitably now turn to what constitutes ‘needs’ – historically an elastic concept in the Family Courts – and how the Courts will assess whether ‘needs’ have been met, where parties have signed a pre-nup. Will couples be able to enter binding pre-nups in which provision for ‘needs’ is lower than a Court would award had they not entered into the pre-nup?"