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My spouse is unemployed and stays home with the kids. The house is in my name due to her prior credit history and I have a excellent paying job. Would I protect my personal assets by registering her car solely in her name. I read somewhere that if she caused an accident and was sued - they can only go after the registered owner of the car and I would benefit by not being on the title. Thanks for any input.
My spouse is unemployed and stays home with the kids. The house is in my name due to her prior credit history and I have a excellent paying job. Would I protect my personal assets by registering her car solely in her name. I read somewhere that if she caused an accident and was sued - they can only go after the registered owner of the car and I would benefit by not being on the title. Thanks for any input.
warning: I am not a lawyer and this might be incorrect. That being said…….
Your logic is somewhat correct.
But here is the thing that you have overlooked.
They can come after ANY of her assets. And half of your home is hers. So they could place a lien on the home for example. You say the home is in your name (I take it the mortgage, re: credit loans and such), but the physical house itself is both of yours as it is your matrimonial home.
HI,
The house is in your name only? I do hope you have a legal Last Will and Testament, drawn up by a Lawyer and signed by you, leaving your home to your spouse.
If not, and something happens to end your life, your home could go into the States' Jurisdiction, where the State takes over your home, and your Estate, and decides what to do with it.
That is the biggest problem with having anything in just one person's name, when married. The same thing would happen with anything in your name only.
Even your checking account, if in your name only, would be turned over to the Estate, to be handled by the State.
Insurance is a product that does exactly what you want done, and you certainly can buy full coverage. As pointed out by the two previous excellent answers, by trying to manipulate your assets in order to save them, you are, in fact, putting them in jeopardy.
My spouse is unemployed and stays home with the kids. The house is in my name due to her prior credit history and I have a excellent paying job. Would I protect my personal assets by registering her car solely in her name. I read somewhere that if she caused an accident and was sued - they can only go after the registered owner of the car and I would benefit by not being on the title. Thanks for any input.
The reality is that in 99% of lawsuits arising out of motor vehicle accidents, no one is losing any of their assets. The lawyers stop at whatever the limits of your insurance policy are. However, this is predicated on the assumption that people who have significant assets, are not people who drive around with state-minimum insurance policies.
In NY, we would sue you and your wife. Regardless of whether your name is on the title, you would be sued as a "benficial owner" and could be held liable. But once again, I have NEVER seen someone's personal assets pursued in a motor vehicle suit.
Sideoutshu is completely correct, there are many states that would allow both husand and wife to be sued regardless if only one name is on the title of the car.
And as was stated, Normally auto insurance ( get high enough limits, it is normally only a few dollars between 100K and 300K.
You need to have each other listed on all of your property for the protecton of the other.
As a note, yes your idea makes sense under strict idea of law, but American Legal system has passed various laws to protect the victim from people trying to hide assets.
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