Abstract We introduce the abstract notion of a smoothable fine compactified Jacobian of a nodal curve, and of a family of nodal curves whose general element is smooth. Then we introduce the combinatorial notion of a stability assignment for line bundles and their degenerations. We prove that smoothable fine compactified Jacobians are in bijection with these stability assignments. We then turn our attention to fine compactified universal Jacobians – that is, fine compactified Jacobians for the moduli space $\overline {\mathcal {M}}_g$ of stable curves (without marked points). We prove that every fine compactified universal Jacobian is isomorphic to the one first constructed by Caporaso, Pandharipande and Simpson in the nineties. In particular, without marked points, there exists no fine compactified universal Jacobian unless $\gcd (d+1-g, 2g-2)=1$ .