
During financial remedy proceedings, spouses provide full and frank disclosure. This includes all personal belongings which have a value of £500 or more. Yes, this includes that luxury handbag collection you spent years building up and the expensive jewellery you wear on those special occasions. These days, more and more people are investing in luxury items which has resulted in an increase of ‘handbag divorces’.
A handbag divorce refers to the material assets, such as jewellery, high-end cars and tech, even that fine wine you have spent years collecting, that are between two spouses and the when/how they must be divided between spouses during a divorce.
What are the Challenges in respect of Handbag Divorces?
- Where spouses are unable to agree the value of these luxury items, including gold and jewellery, then obtaining a professional valuation will become inevitable in the same way it would in respect of property and other types of assets.
- Couples are less likely to reach a financial settlement outside of court or in the early stages of financial remedy proceedings
How should Luxury Items be Divided between Spouses?
The general principle is that all matrimonial assets acquired during the marriage should be divided equally between the spouses. However, the court will take into consideration a number of factors and may depart from equality.
Where luxury items were bought and acquired before the marriage, these will generally be ring-fenced from the marital pot and classed as non-matrimonial.
A remedy available to limit the challenges posed by handbag divorces are pre and post-nuptial agreements. Although these are not legally binding in England and Wales, they can hold some persuasive weight in Court if certain criteria is satisfied.
How we can Assist you
Our family department at Duncan Lewis Solicitors is ranked and recognised by The Legal 500 and Chambers and Partners for family and matrimonial work, providing confidential advice with effective representation. Our family team includes solicitors who have achieved the Law Society’s Children Law and Family Law Advanced accreditations providing advocacy in all court proceedings, ensuring our clients receive a consistent and professional service as well as a high degree of continuity.
Our High Net Worth Divorce Solicitors offer specialist legal advice on all Divorce or Separation related matters to those individuals with assets in excess of 1 million pounds. For expert legal advice call Duncan Lewis Divorce Solicitors in confidence on 033 3772 0409
About the Author:
Jaspreet Rai is a solicitor in the family and childcare department of our Birmingham office. She has experience with private divorce and financial matters, particularly practical aspects and the division of assets following breakdowns of marriages. Jaspreet works under the supervision of Director Julie Mcnamara, who is ranked in the Legal 500 as "extremely knowledgeable" and going “the extra mile to support" her clients.
For advice or assistance with a family or childcare matter, contact
Jaspreet Rai at
JaspreetR@duncanlewis.com or via telephone on 020 7275 2569.
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