New Car registered only in DH's name. Is that a problem?

[disneyfanforever]

My DH and I recently bought a new Equinox (which we love by the way). Since he is the only one currently employed while I stay home with the kids, we just had him sign everything. Now my mom is all over me about how it should be in both of our names. Does it really matter? I am definitely not planning on getting divorced. The only issue I think of is if something awful happenend to him and he passed away (which I definitely hope doesn't happen). For all you law types, would the car just go to me in the event of his death or would it go to probate and such? Neither of us has wills. Is it worth going to the finance company to get the paperwork changed to have both our names? Thanks for your help.

 

[Pop Daddy]

not for him , nope its not a problem, everything is half yours anyway. Unless your tring to get credit established under your name

 

[ExPirateShopGirl]

My DH and I recently bought a new Equinox (which we love by the way). Since he is the only one currently employed while I stay home with the kids, we just had him sign everything. Now my mom is all over me about how it should be in both of our names. Does it really matter? I am definitely not planning on getting divorced. The only issue I think of is if something awful happenend to him and he passed away (which I definitely hope doesn't happen). For all you law types, would the car just go to me in the event of his death or would it go to probate and such? Neither of us has wills. Is it worth going to the finance company to get the paperwork changed to have both our names? Thanks for your help.

The car being in his name is not a problem. If you live in a community property state, so much the better. The real problem is the fact neither of you has a will. Get thee to an attorney who specializes in wills, trusts and estates. For a rather nominal fee, he or she can assist you in making sure your financial lives remain uncomplicated following the death of one or both of you.

Good luck!

 

[Galahad]

Why don't you take this opportunity to draw up wills? It's not that complicated nor expensive. BTW, we have all of our major assets in my name on purpose but it doesn't affect DW's ability to get credit.

 

[dnoyes]

The finance company should be able to put your name on the title. Just make sure it's "or" between your names and NOT "and".

 

[Ub_Iwerks]

I don't think it's a big deal, but agree that you need to have a will. I've been putting it off myself.

 

[KelNottAt]

Our attorney made it very clear to DH and me that vehicles should never be registered jointly between a husband and wife.

Why? Because if one of us causes an accident with that vehicle, is sued and found at fault, all other joint property is at risk. Like...the house.

So, if you'd like to protect your joint property from lawsuits in which only one of you is at fault, keep your cars registered individually.

Also, get a will. The sooner the better. You have kids to think about.

 

[Amy]

Our attorney made it very clear to DH and me that vehicles should never be registered jointly between a husband and wife.

Why? Because if one of us causes an accident with that vehicle, is sued and found at fault, all other joint property is at risk. Like...the house.

So, if you'd like to protect your joint property from lawsuits in which only one of you is at fault, keep your cars registered individually.

Also, get a will. The sooner the better. You have kids to think about.

Yep, this is why we have our cars titled in only one name. And somehow over the years, the car I drive most is in DH's name and the one he drives the most is in my name. Oh well.......

 

[aprilgail2]

I have no idea about the car thing but you are married with children, you both should have had will drawn up a long time ago! Please get wills, it takes a short time and is well worth it!

 

[Galahad]

Actually, you are usually better off with the house held jointly. In most states, if one person is sued (not a home accident liability suit, but something else) they can't go after your house if it is helf jointly with a spouse.

 

[Marie17]

Just get an umbrella policy for any "overage" that doesn't cover your homeowners & auto policy. They are relatively cheap for 1 million in additional coverage.

 

[jedi_librarian]

No, I think it's perfectly fine that it's only in his name!

In fact, I was wishing my name wasn't on my DH's car, because he recently wasn't able to pass the emissions test in IL, and BOTH our driver's licenses got suspended!! I don't even drive his car, so that's frustrating

 

[lowie]

we recently bought a car and the dealer said that they HAD to have my name in on the deal since my hubby is legally blind and doesn't drive.. weird though that nobody ever cared before.. but our house is in his name solely. i don't care, i turst him completely.. and plus i tease him all the time that if we get divorced he can have everything, along with the bills!

 

[disneyfanforever]

Thanks for all of the replies. I am glad to know that the car being in his name is fine. Both of our names are on our house but my mom was all crazed about his name being the only one on the car. It sounds like it is better to have it in just his name.

About the wills, I know we really should take the time and make one. But my question is, if one of us were to die wouldn't all of our things just go to the other spouse? If both of us were to pass, wouldn't everything just go to our boys. I guess since we weren't millionaires or anything I didn't think it was that big of a deal. Can anyone explain more why a will is necessary? If it makes any difference, we live in Arkansas which I do not believe is a community property state.

Thanks so much. I knew you guys would be able to help.

 

[tmt martins]

I was doing some side work .Installing electronics in very expensive boats . The person I was working for did carry some insurance but were talking $1-2 Mil so we started putting all the cars in DW's name and now we still do it. It's really no big deal .

 

[petrymom]

The finance company should be able to put your name on the title. Just make sure it's "or" between your names and NOT "and".

Funny you should say this - We just bought a new Ford Freestyle and this is the first car that is titled as OR instead of AND. She told us it was because it would be easier handled if one of us dies. I about had a fit when I saw it, but now I am okay. I guess it's not like he's going to divorce me and want the freestyle anyway. He probably would say, " you deal with the payment".

Back on topic - If you are okay with it, so be it. I am pretty independent and would want my name on it too. Too each their own I guess.

 

[MushyMushy]

Nobody really plans on getting a divorce, but it's always smart to protect yourself just in case, particularly if you're a SAHM.

When DH and I were separated, he took the car that was in my name and I had the car that was in his name. When I talked to an attorney about it, he was insistent that we switch cars so I'd have the one in my name because of liability issues, plus the fact that DH could just take the one that was in my name despite the fact that it was the larger, more reliable family car.

So now, even though I'm in this marriage for the long haul, I have the family car in MY name, my own credit card, and my own savings account.

I will never allow myself to be put in such a vulnerable position again.

 

[Amy]

About the wills, I know we really should take the time and make one. But my question is, if one of us were to die wouldn't all of our things just go to the other spouse? If both of us were to pass, wouldn't everything just go to our boys. I guess since we weren't millionaires or anything I didn't think it was that big of a deal. Can anyone explain more why a will is necessary? If it makes any difference, we live in Arkansas which I do not believe is a community property state.

Thanks so much. I knew you guys would be able to help.

I know the state property laws are different, but I think the main reason to have a will when you have young kids is to designate a guardian for your kids if both of you should die. Otherwise, your kids may end up in foster homes or with a relative you might not want raising your kids.

 

[ExPirateShopGirl]

Thanks for all of the replies. I am glad to know that the car being in his name is fine. Both of our names are on our house but my mom was all crazed about his name being the only one on the car. It sounds like it is better to have it in just his name.

About the wills, I know we really should take the time and make one. But my question is, if one of us were to die wouldn't all of our things just go to the other spouse? If both of us were to pass, wouldn't everything just go to our boys. I guess since we weren't millionaires or anything I didn't think it was that big of a deal. Can anyone explain more why a will is necessary? If it makes any difference, we live in Arkansas which I do not believe is a community property state.

Thanks so much. I knew you guys would be able to help.

Do you want to make certain what happens to your kids if you both die at the same time? Do you want people trying to figure out what you probably would have wanted, or would you rather the executors *know* precisely what you wanted? Having wills protects your children and your assets go where YOU want them, in a manner YOU choose now. It really boils down to protecting your children...

 

[princesspumpkin]

No, I think it's perfectly fine that it's only in his name!

In fact, I was wishing my name wasn't on my DH's car, because he recently wasn't able to pass the emissions test in IL, and BOTH our driver's licenses got suspended!! I don't even drive his car, so that's frustrating

WAIT! If your car doesn't pass emissions, you can have your driver's license suspended? So, you can't drive another car (like your other car) or rent a car because one of your cars didn't pass inspection? I never heard of that!