Is Spousal Consent Required for Approving Loans?

Is spousal consent required for approving loans?

Spousal consent is often required when married couples apply for loans.

Is spousal consent required for approving loans? Well, there is no one size fits all answer to that question. Generally, the answer is yes, but the better answer is that it depends. Let’s look a little deeper.

The Legal Partnership of Marriage

Marriage is a legal partnership that has far reaching implications. Everything from legal status, custodial rights, finances, and taxes will be impacted by marriage. Spousal consent can be required for many things especially a loan application.

It has been said that around half of all marriages will end in divorce. One of the main causes of breakups is money, so you can see where trying to apply for a loan without your spouse’s knowledge may cause problems. Personal problems aside, it may not even be possible for you to do so.

Spousal Consent

Spousal Consent basically says that you need to include your spouse before proceeding with some legally binding process. These processes can be anything that has a signed contract or agreement. A mortgage, a business license, and a loan would all fall under this rule.

Rules for Applying for Loans

This is where the waters get a little murky. You will need spousal consent before applying for a loan in most places. But there can be exceptions.

Lenders want to protect themselves. For this reason, they will often require spousal consent for loan approvals. If the loan applicant dies, they will want assurance that the loan will continue to be paid by the survivor, for instance.

Certain retirement plans concerning distributions don’t require spousal consent, but normally loans against retirement savings do. If you are nearing retirement and have questions about distributions, then it is best to speak with a lawyer. Not all plans are the same, and rules vary by state and local government.


Is spousal consent required for approving loans? As you see there is no easy answer. Most of the time the answer is yes. But laws and rules vary by state and local municipalities. Applying for a loan without your spouse’s consent or knowledge can get very messy for your marriage. It can get even messier should you get divorced. There may be some instances where you can apply for a loan without spousal consent, but ask yourself; Do you really think it would be a good idea to do so?

Read Also:

How to Manage Debt in Your Marriage

4 Ways You Can Improve Your Home After Your Wedding

Getting Divorced? Make Sure Hidden Assets Don’t Derail Your Finances

Divorce Finance 101: How to Recover Financially from Divorce

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