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Hello recently married and my wife has a son 24 and moved back home recently. As he was unable to purchase a car himself his mom purchased for him. My question, the kid has a bad driving record therefore wants to insure at the lowest possible liability levels 25k injury 25k property. Car is legally registered to wife.If he goes with the lowest level insurance and has significant accident assume that other party could go after wife and in turn my assets should damages exceed 25k correct?? Live in Virginia if that makes a difference
To clarify my 401k is listed in my name only as is the house which were both purchased or started before the marriage so they are safe. If I have a car that is listed in my name with survivor rights to her is that safe? If the car is placed in his name and he is the legal owner and insurance policy holder can either my wife or i be held liable based on him living in my home. If i co signed a loan for him to re title the car in his name am I liable for anything other than the repayment of loan?