Wealthy women should not get married

This was the conclusion of a daughter of a millionaire who was recently quoted in the press describing British law as a “gold-digger’s charter”.

37 year old Victoria Luckwell, daughter of multi-millionaire Mike Luckwell, had to pay ex-husband Frankie Limata a £1.2m settlement following their divorce.

This was despite Limata reportedly signing several pre-nuptial agreements waiving any claims to her wealth.

Last week, Demelza from TWM Solicitors wrote here about the Law Commission recommending to the government that we have ‘qualifying pre-nuptial agreements’; a recommendation which could make pre- and post-nuptial agreements binding in law in the future.

As things stand, and as Miss Luckwell recently discovered, there is no guaranteed way of protecting your assets on marriage.

The courts have been giving greater weight to properly prepared and considered pre-nuptial agreements, assuming some conditions are met.

Assuming provision is made for the financial needs of each of the couple and any children, full information is disclosed by each party and independent advice is taken, a pre-nuptial should influence the outcome of any financial settlement on divorce, even at this stage before they become law.

Deciding to avoid marriage is one solution for wealthy women (and men) who bring significant assets to a relationship.

Seeking professional advice and being aware of all of the risks is another.

The Informed Choice Pensions & Divorce Guide 2013-14

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