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Cars and Transportation
Reply to "Is it better to include spouse on the car title?"
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[quote=Anonymous]each owns the car they drive. this limits liability For instance, one of the most common misunderstandings for clients is who should own the cars they drive. For married couples the rule of thumb is for each spouse to individually own the car they drive. The reason for this is to limit liability in the event of an accident. Liability is assessed on the owner of the vehicle and the person driving at the time of the accident. If the owner and driver are one in the same liability can only be attached to that person. This shields joint assets from exposure to liability. For most people their home is owned jointly and represents one of the largest assets a couple may own. Joint assets can also include bank accounts, investments accounts, vacation homes and collectibles. [/quote]
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