designer handbags and luxury watches
In another case, a husband hoped to reduce compensation paid to his ex-wife by asking the judge to account for the amount spent on handbags during their relationship. His petition was unsuccessful.
This has been compounded in recent years by soaring prices for these luxury items. The value of HermÃ¨s handbags rose 17% last year, topping the luxury investment index of real estate agent Knight Frank. Handbags purchased as an investment have grown 108% in value over the past decade, according to the report.
Knight Frank said the appetite for “relatively affordable lifts” during the pandemic had contributed to the price spike in the past year.
The value of fine wines has increased by 13% in the last year and by 127% in the last decade. The price of designer watches has jumped 5pc in 2020.
Sellier Knightsbridge, which sells luxury goods, said premiums on the resale value of investment grade handbags were substantial. For many, this is an investment that can be quickly made if needed for life events such as divorce.
However, the courts have not welcomed couples arguing over valuables, Fernandes said.
âThey don’t really want to get involved with personal property and pets, and judges want couples to ideally settle this outside of their jurisdiction and not waste time in court.
âCourts rarely accept requests to consider the respective assets of the spouses when evaluating the details of divorce settlements,â she said.
Last year, the Justice Department saw an increase in the use of private courts to resolve family disputes, as couples seek to bypass huge delays in the public legal system.
Couples using services such as the Institute of Family Law Arbitrators can pay for a private judge of their choice to settle divorces.
In the first of its kind, the Justice Department began providing tax-free vouchers earlier this year to separating couples to deter them from lengthy court battles.
He has set aside up to Â£ 1million to provide Â£ 500 bonds to 2,000 couples to pay for mediation and avoid painful legal proceedings.
It is hoped that the program will see custody arrangements made outside the courtroom, but also decisions about assets and money.