Time or Watch movie title?

Looking for movie based in '40s or '50s, but not made then. The plot is a British woman and an American businessman marry. She is expecting a baby from another relationship. They raise the girl. Something is involved with a neighbor, where the "time" or "watch" part comes in. A murder happens, and the husband, to save someone else I believe, claims he did it. Somehow their large house is set on fire and the daughter dies. In the end there is a Christmas scene, I think, where they give gifts to a poor family.