If I sign as a credit partner for a loan, does my spouse have to sign as well or can I be a seperate party?

Asked on July 8, 2012 under Business Law, South Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Whether your spouse is required to apply for the loan that you want depends upon what the terms and conditions of the loan are and what the standard protocol is for the lender.

Custom and practice in the lending industry is to require spouses to sign off on any loan requested by the other spouse in order for both spouses to be obligated on the obligation since such would technically be a marital obligation.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you spouse does not co-sign, he or she will not be personally obligated on the loan--though obviously, he or she will still be affected, should the lender seek payment from you, to the extent that your share of family or matrimonial assets could be reached, and your income potentially garnished.

Whether or not your spouse has to co-sign depends on the lender. Lenders can set their own requirements for making loans--the lender  could choose to require your spouse to sign.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.