Buying new car - register title jointly or one name?

[KellyQ]

What is the name of your state?What is the name of your state? Massachusetts

My husband and I are buying a new car. In the past, we have registered each of our cars in only one name, not both, thinking that it may limit the liability in case of an accident, and protect our house and other assets.

Is there any reason to register a car in both of our names? Or is the one name a good idea?

Thanks for the input.

 

[I AM ALWAYS LIABLE]

What is the name of your state?What is the name of your state? Massachusetts

My husband and I are buying a new car. In the past, we have registered each of our cars in only one name, not both, thinking that it may limit the liability in case of an accident, and protect our house and other assets.

Is there any reason to register a car in both of our names? Or is the one name a good idea?

Thanks for the input.

My response:

Is your house in both of your names?

IAAL

 

[KellyQ]

Yes, our house and other assets (IRA's, bank accounts, etc.) are all jointly owned. Does that change how we should be registering our cars?

 

[I AM ALWAYS LIABLE]

Yes, our house and other assets (IRA's, bank accounts, etc.) are all jointly owned. Does that change how we should be registering our cars?

My response:

Then you were living under a false assumption that your separate negligence would somehow limit your liability if someone was damaged to such a degree that your house, or other assets, would somehow not be "attacked". If you don't have the MOST that your insurance company offers, and then an "Umbrella" policy of One Million Dollars on top of that, then your assets COULD be in jeopardy in the event of a catastrophic accident; i.e., You kill a doctor, her husband (the scientist) and their three children in an intersection collision.

So, with all of your other assets in joint ownership, then it doesn't matter how your car is titled.

IAAL

 

[KellyQ]

Would it limit the liability to half of our house, IRA's, etc, by being half owned by someone who is not owner of the car? That also presumes that the other spouse isn't the one driving, etc.

We do have an umbrella policy, but a million dollars doesn't go as far as it used to in liability cases.... at least in Massachusetts.... and having half of our assets left would be better than less than that...

 

[LK.]

Massachusetts is not a community property state: there is no automatic determination that a spouse owns exactly 50.0% of anything that is jointly owned.

I'd suggest consulting with a qualified attorney about asset protection. A car accident is not the only way that an ordinary citizen can be found liable for hurting another person.