From a formal point of view, the loan agreement concluded by one of the spouses without the consent of the other is valid. From January 20, 2005, banks can grant credit to one of the partners without the need for consent by another spouse. Banks, or credit unions, in the case of loans for higher sums or mortgages need the consent of their spouse. The issue is different with cash loans for smaller amounts up to several thousand dollars. If the person applying for a loan or credit will have creditworthiness, then usually the finance company does not need the consent of the spouse to grant such a loan or credit. In addition, due to banking secrecy, the debtor’s spouse will not be notified via the bank of a loan or loan taken out.
The easiest way is with property separation
The easiest thing is when we deal with the so-called property separation. In order for separation to be established, it is necessary to conclude a proper agreement in the form of a notary deed. Getting married causes a joint property, so the property is half owned by each spouse – when you want separation, go to a notary’s office. With property separation, the spouses’ estates are personal and they are not responsible for each other’s debts. This is the best solution, although it does not suit every spouse and may argue for the individual with the thought of marriage.
Approval for large loans only
Usually, the consent of the spouse is requested by the lending company when the consumer applies for a large amount of credit, including a mortgage that will be paid for many years. Consent must be given with matrimonial property, which is mechanically established with the conclusion of a civil marriage.
In summary, in the case of small rates there is a chance to get a loan or credit without the consent of your spouse. However, you should know that if the commitment is not paid, the financial company (usually the bank) will be able to demand payment from the other spouse. All because marriage results in the fact that we are dealing with a community property and all benefits as well as debts are covered by the spouses together. Unless they undoubtedly sign the intercommission, ie property separation. Property separation will allow you to run finances independently of another spouse.
Joint credit, joint responsibility
There is no doubt as to the joint responsibility for the debt when another party has also signed a loan agreement. Often, even a wife or husband does not have to provide evidence about their own income, while a bank offering a loan can, for example, completely relying on the creditworthiness of one spouse. However, if the primary borrower is unable to pay the liability, the bank will seek payment from another, even if it had not previously been interested in its financial capacity.