What is the significance of this line from The Expanse?

Question

In Season 2 Episode 3 of The Expanse (spoilers!), Chrisjen Avasarala says to Cotyar, "Please, give it to me and go, there is no need for us to hang together." Cotyar responds, "Oh I'm sure they'll hang us separately. You'll get a better view." Avasarala gives him back a warm smile at the comment.

If I'm interpreting this correctly, Avasarala says they'll hang together, Cotyar says they'll hang one at a time, himself before Avasarala so she can watch his hanging. First of all, very morbid. Second of all, why would they hang him first? What's the significance of that line? It seems to be a very meaningless bit of dialogue to get so much attention in the show. Why was that line necessary, and deserving of a smile? Is there some joke I'm missing?

In case you want to see the scene in question, the line starts at 24 minutes 48 seconds in.

Answer 1

If I'm interpreting this correctly, Avasarala says they'll hang together, Cotyar says they'll hang one at a time, himself before Avasarala so she can watch his hanging.

You haven't quite interpreted it correctly.

"With a view" doesn't mean that they'll make her watch him hang. It means that she's going to get a luxury hanging, i.e. one with a nice view, because she's a rich and renowned politician, and he's a simple bodyguard with a shady past.

Why was that line necessary, and deserving of a smile? Is there some joke I'm missing?

While it is true that he's probably going to be punished more harshly than she is, he is in fact making a joke to lighten the mood. She states that they'd hang together if they both get caught, and he replies that even if they get caught, they won't hang together, because she'll be treated better than him.

It's a form of self-deprecating humor.