The Manx Family Mediation Network www.mediation-network.im was pleased to welcome back to the Isle of Man this week it’s trainers from the Family Mediation Association, Neil Robinson and Ruth Smallcombe.

We discussed the implications of Radmacher v Granatino and Neil has kindly agreed to let us publish his article exploring the potential new avenues it may open to mediators including areas of Estate Planning.

Please contact us to discuss your concerns if you think that a new relationship could impact upon your existing family.

In late October 2010 a tax information exchange agreement (TIEA) was signed on behalf of the Authorities. Under the agreement (which has still to be ratified before it is in operation), China’s tax authorities are able to request information regarding the assets of Chinese citizens held in the Isle of Man, provided the Chinese authorities are able to produce evidence of contraventions. The Agreement is also part of the Island’s ongoing commitment to international tax co-operation.

Furthermore it is clearly Isle of Man policy to position itself so as to capture a portion of the steadily rising outbound investment coming out of China. In mid-October the Isle of Man secured agreement for its firms to list companies directly on the Hong Kong Stock Exchange. This strategic move is doubtless down to the fact that Chinese businesses have often in turn used Manx companies for raising capital on the London AIM exchange. The tax Agreement is regarded as a useful step towards fostering close relations between the parties, as such co-operation can be to their mutual economic benefit. It is also likely that the convenient geographical position of the Isle of Man, could help to enhance the access of Chinese exporters to the UK and European markets.

A QUALIFIED solicitor who specialises in family law has been appointed at the legal practice Corlett Bolton.

Rebecca Coleman has started training as a Manx Advocate after qualifying as a solicitor - of both England and Wales - earlier this year.

She will take the Manx Bar exams in 2011.

Sally Bolton, principal at Corlett Bolton, said: “Rebecca’s hands-on experience outside the Island will be of considerable value to us as we are regularly called upon to advise on family and financial matters spanning both UK and Isle of Man jurisdictions as well as jurisdictions further afield.”

Rebecca studied law at Northumbria University and completed a two year training contract in the North West of England before taking up permanent residency in the Island last year.

She said: “I am pleased to be working with such a dedicated team and am excited for the future and the challenges that it will bring.”

The legal practice is situated on Finch Road in Douglas.

View the story on IsleofMan.com

Today the UK Supreme Court created a significant legal precedent after ruling that pre-nuptial agreements are binding.

Previously, pre-nuptial agreements have not been recognised by the Courts when dealing with financial proceedings after the breakdown of a marriage.

Today’s ruling means that if both parties have entered into a pre-nuptial agreement of their own free will, have taken full and proper advice regarding their financial situation and the implications of signing such an agreement, then the Court will treat the agreement as binding. The Court stated that ‘it will be natural to infer that parties entering into agreements will intend that effect will be given to them.’ However, the Court still retains the power to disregard a pre-nuptial agreement if it is unfair, especially to any children of the marriage.

A pre-nuptial agreement is a sensible way to set out each party’s financial position and to prepare for the future, should the worst happen. A pre-nup may be seen as good financial sense, just like ensuring you have home insurance before a fire breaks out.

Would a pre-nup benefit me?

Not all of us are fortunate enough to be worth £100million, like Mrs Radmacher, who in a significant legal ruling by the Supreme Court had her pre-nuptial agreement upheld. Her ex-husband, Mr Granatino, had signed a pre-nuptial agreement prior to their marriage agreeing to a financial settlement should their marriage come to an end. It was held by the Court that he could not now ask for more.

Pre-nuptial agreements are not just for the rich and famous however. You may find that a pre-nuptial agreement could also work for you, whatever your wealth. We have compiled a short list of instances when a pre-nuptial agreement may be a very sensible idea:

• If you are getting married later in life and have already built up some wealth of your own and you wish to protect your own hard work
• If you have children from a previous relationship and wish for your assets to be inherited wholly by your children
• You are getting married for a second time and wish to keep your assets independent of one another
• You are expecting an inheritance and wish to keep it within your family (and not that of a step family)
• If you simply want to ensure your own financial security in the future

Pre-nuptial agreements of this kind are common in the USA and parts of Europe and are a usual part of becoming a married couple.

Corlett Bolton and Co. have a team of specialist family lawyers who are experienced in dealing with all types of family matters. Corlett Bolton would be happy to answer any questions you may have regarding pre-nuptial agreements and to discuss your specific needs.

To make an appointment with a specialist family lawyer regarding a pre-nuptial agreement please call our office on 67 68 68

1. A marriage entered into after you have done a will automatically revokes that will.

2. Divorce or nullity of a marriage affects your will by ending the spouses’ appointment as executor and ends any gift given to them under the will, unless the will shows a contrary intention.

3. Accidental destruction of the document does not revoke a will, only having the intention to revoke will revoke it.

To read more did you know stories, please go to the reading room and click the letter D.