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how should a married couple title a car

To create a joint tenancy, all you need to do is put the right words on the title document, such as a deed to real estate, a car's title slip, or the signature card establishing a bank account. This blog contains content and opinions concerning the law generally, and is not intended to constitute legal advice or to create any attorney‑client relationship with the reader. California married couples generally have three options to take title to their community (vs separate) property real estate: community property, joint tenancy or “Community Property with Right of Survivorship.”  The latter coming into play in California July of 2001. In most cases the loan will need to be satisfied before change of ownership can take place. 2006-08-08 18:31:54. This shields joint assets from exposure to liability. If the owner and driver are one in the same liability can only be attached to that person. Liability is assessed on the owner of the vehicle and the person driving at the time of the accident. While the advantage of joint tenancy is avoidance of probate, the disadvantage is there is only a partial step-up in basis for the surviving spouse, so there is a tax disadvantage for married couples to hold title as joint tenants. Truckee Office One of the benefits of creating a net worth statement is to determine what assets are owned, the value of those assets as well as who has title to the assets. Buying a car with your spouse for the first time can be significant for most married couples. You probably would have done well to put or on the title of the vehicle and say husband or wife owns this. We recently relocated & getting the new title/license for the car w/ both our names was sort of a pain b/c we both had to be at the DMV to do it and we were not so they had to put something in the system that they had checked me and then when MH came they had to recheck everything, it is not a huge deal but one more thing that is kind of a pain when you're relocating. While this may seem improbable, it becomes a powerful defense if tragedy should befall one partner. Ph: (775) 322-6767 He is working in CA and plans to buy a condo to live in. There is a so-called “right of survivorship,” which means that when one dies, the property automatically transfers to the survivor without the necessity of probating the estate. Sometimes titling a car in both names may be unavoidable -- if there is a loan on the car, the lender may require a married couple to title the car in both names. Another benefit of tenants by the entirety is that creditors cannot autom… Take your car title, registration and husband with you to your state's Department of Motor Vehicles to add his name to the title. As a general rule married couples should take title to any California real estate they own, accumulated during their marriage, as “Community Property with Right of Survivorship.”  That’s the take-home bullet. If you are newly-married and just starting out in your careers, a large purchase can take on a whole new meaning. According to Esurance, married couples have fewer car accidents, so many car insurance companies offer discounts to them. Contact Porter Simon for a consultation today. Opinion Opinion | 0; Jim Porter Special to the Sierra Sun. There is a tax advantage—a full step-up in basis—which is beneficial for the surviving spouse. May 10, 2019 - Buying a car with your spouse for the first time can be significant for most married couples. The Car(s) For any car either ... then you can add their name to the title after marriage. If you hold title as community property or joint tenants, ask whether as a married couple it would be prudent to prepare and record a deed to yourselves as Community Property with Right of Survivorship. This column is a reprint of a previous Law Review. In most states, however, you must take some care to set up the ownership in a way that will let the survivor inherit the car without probate. 1) If it’s an Or – John Doe OR Joe Ross – then the ownership is joint tenancy with an expressed intent that either of the owners has full authority to transfer ownership of the vehicle, license plates and/or fees or to record loan information. Joint assets can also include bank accounts, invest­ments accounts, vacation homes and collectibles. Less common types of lien holders include family members that purchased a motor vehicle together, such as a married couple. If it is for a married couple, consider how you want the names to appear. For most people their home is owned jointly and repre­sents one of the largest assets a couple may own. If possible, have the car title reflect that the title is held as "X and Y, Husband and Wife", as well as the vehicle registration. If one of the spouses were to die then the car goes to the joint owner with out any probate. Purchasing a joint policy not only allows both couples to drive the new car legally but also can save the couple money in yearly premiums. If you’re not as concerned about the transfer of property, but simply know that both of you will be using the car, ... As a married couple, you’ll have shared expenses and a joint … Defaults on his or her obligations reached at Porter @ portersimon.com or www.portersimon.com car also needs to very. A major tool to protect your wealth two different names, or you must provide power. An accident, both of your names are likely on the owner of vehicle. 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