Book token given by wife — and with it, nothing (5,2,4)
I believe the answer is:
women in love
'book' is the definition.
(DH Lawrence novel)
'token given by wife and with it nothing' is the wordplay.
'token given by wife' becomes 'women' (I am not sure about this - if you are sure you should believe this answer much more).
'and' is a charade indicator (letters next to each other).
'with it' becomes 'in' (both can mean trendy).
'nothing' becomes 'love' (love means zero in tennis).
'women'+'in'+'love'='WOMEN IN LOVE'
(Other definitions for women in love that I've seen before include "book" , "D. H. Lawrence novel" .)