Risk management question. Add spouse's name to the title?

[Shamit S.]

Hi all,

Have first investment property under contract (hurray!), with a loan approved in my name only. From an estate planning perspective, I've been told that its better to have both me and my wife's names on the title, but from a risk management standpoint I heard somewhere that I should keep the property in my name only. Reason was that in the event of litigation/lawsuit for something that may happen on the investment property, only me and my solely owned assets would be at risk, while assets co-owned with my wife (like our home/primary residence) would not be at risk.

Any thoughts on whether I should keep the investment property in my name only or add wife's name to the title to mitigate risk?

Side note: I'll be increasing our umbrella insurance coverage also post-close.

Cheers!