PRENUPTIAL AGREEMENTS – A MUST FOR EVERY BUSINESS OWNER
Following recent cases where massive payouts have been made to spouses after short marriages the Woolley & Co family team are urging business owners to think seriously about a prenuptial agreement.
In a recent case (Miller v Miller) a wife walked away with £5 million from a marriage which lasted only two-and-three-quarter years, produced no children and with the wife not having worked after the first year of marriage.
In less than 10 years, the divorce case law has changed from giving the wife what she needs and only what she needs (no matter the wealth of the husband) to what she might hope and expect to receive even if she has made no notable contribution.
After 1,013 days of marriage, Mrs Miller received a £2.3 million home and a £2.7 million lump sum with some added furniture. The lump sum was expected to earn her a little under £100,000 a year, tax free.
Now a precedent has been set for high-paid husbands to meet the costs of their ex-wives’ expected lifestyle had they stayed together.
But it isn’t only Paul McCartney who should be worried about the consequence of this case. Business owners, in fact anyone with significant assets must protect themselves with a prenuptial agreement.
For family law advice or a fixed fee pre-nuptial agreement visit www.divorce-lawfirm.co.uk or contact one of our family and divorce specialists. |