When a couple fought over watches and handbags worth $1m
The Straits Times
A couple's $1 million luxury watch and handbag collection becomes a point of contention during their divorce, raising questions about matrimonial assets. Read more at straitstimes.com.
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A couple splurged about $1 million on collecting a sizeable stash of luxury watches and handbags, and they ended up fighting over these assets when they split.
The dispute is unusual because such personal belongings, which are sometimes given as gifts, are usually not considered matrimonial assets that are up for sharing unless the total value of the items is substantial.
In this case, the value of the couple’s collection added up to almost 20 per cent of their total cash savings and investments of over $5 million.
They had two apartments but agreed not to fight over these homes, which are registered in the names of their two adult children.
The husband, 60, who earns $15,000 a month as a senior vice-president of marketing, is an astute stock investor and his share trading account used to have a balance of over $13 million at one stage during his 27-year marriage.
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