Are my wife's asset's at risk if my insurance is not enough?

I do not believe her assets are at risk unless they can show that she provided the car to your son rather than you.

The driver AND the owner are liable for an accident. Your wife's assets are not at risk because she was neither the owner nor the driver.

Generally separate property would not be accessible, but it depends on a variety of factors, such as whether the funds in the account are even in part from co-mingled income sources. Furthermore, even if ultimately the funds are unavailable, that would not prevent prosecution from at least attempting to attach them, and/or freezing the account.

Your wife and you should be ok. There would be no liability on yours or your wife's behalf for your son's wreck. The only way you would be liable is if your son is an incompetent driver and you let him drive your car anyway. One way to insure you don't get hit with a judgment in excess of the policy limits is to tell your insurance company, in writing, to settle the case within the policy limits. That way, if they don't, and they get hit with an excess judgment, they have to eat it.

I wouldn't worry, if it was a minor fender-bender. Claimants attorneys only go after assets in cases of terrible injuries. Also, the owner's liability is limited to $15,000, which is the minimum policy limit.

Doubtful, her assets should be unavailable to the claim.

In Michigan, under your scenario, you would have potential liability under the Owner Liability Statute; however, the injured person(s) would have to prove they suffered "threshold" injuries to actually collect any $ from your insurance company. Your wife would only have liability if she somehow acted negligently in regard to your son's use of the vehicle. Her individual assets are unlikely to be the source of any recovery if she did not act negligently in proximately causing the crash. Further, any joint assets between you and your wife are also generally unavailable if she was not negligent, even if you have liability. Although the easy way to protect yourself is to purchase sufficient insurance coverage to protect your assets, perhaps including an umbrella policy.