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In most states the assets and liabilities of both parties in a marriage are shared equally. The exception to this is the assets or liabilities that are owned/owed prior to the marriage. This rule does now however reach as far as loans established by a third party as such. Co-signing a loan has an adverse affect on the co-signer ONLY if the principle borrower of the loan defaults on the loan. If the loan is paid off, the co-signer is off the hook. Co-signing loans have no benefit whatsoever for the co-signer but they bear all the risks. Your credit score will not be improved for a payed off loan but would be affected negatively should the loan be defaulted on. Also, if you are the co-signer on a loan and then apply for a loan for yourself (and your spouse) your overall credit worthiness will be reduced by the amount of the co-signed loan, after all you are responsible or that loan should the other party default. For example, let say that you want to buy a house and looking to get a loan for $150,000. As of today the bank looks at your 'credit worthiness' and decides that you qualify for $155,000. Now, if you co-signed a loan for say $15,000 for someone else, and the banker was to examine your 'credit worthiness' that amount would be reduced to $140,00 and not be enough to purchase the home. Co-signers get no benefit but take all the risks.
So... can your spouse stop you? No. Does your decision to co-sign affect the finacials of your marriage? Yes. Could you become responsible for the loan and therefore it could impact your ability to pay your own bills? Yes. If the person who you are co-signing for was not a bad risk, then they wouldn't need a co-signer. Should any decision that you make that could have a negative impact, with no positive outcome possible, be made with out agreement between you and your spouse? I would think not.
Should the borrower default on the loan and your financial status was negatively affected, would your marriage surrive that kind of stress? And, do you want to put that kind of stress on your marriage?
Good luck.
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∙ 12y ago
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Can a spouse with good credit cosign a student loan for their spouse with bad credit?
That is decided by the LENDER.
When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
If you cosign for a student loan for your spouse you get divorced and he refuses to pay can you sue him for payment?
Yes.
If you and your spouse cosign a preapproved car loan from a bank and you are the primary can you alone go purchase the car at the dealer and put it in both names or must your spouse go with you too?
Your spouse needs to be present.
Is it better to build credit by financing a car in one name or two and will it build your spouse and your credit faster to cosign?
yes itis better
What is the cosign of pi?
The cosign of pi is -1
How many time can you cosign a car?
how many times can someone cosign a car
Cosign lease extension?
To cosign a lease extension means to become legally responsible for the lease agreement alongside the primary tenant. This includes agreeing to uphold all terms and obligations of the extended lease period as a form of guarantee for the landlord in case the primary tenant is unable to fulfill their responsibilities. It's important to understand the implications and commitments involved before agreeing to cosign a lease extension.
Do you have to be a relative to cosign?
no.my father cosigned for me,but the bank told me that anybody could cosign..good luck to you.
When might two people need to cosign an agreement?
Two people would need to cosign an agreement when for example, parents need to cosign the loan application for their child or to help a friend in need.
What is the cosign of 20?
about 0.4080820618
Can a minor cosign on a loan?
absolutely not. Minors are not able to cosign any loans, only an adult (eighteen years or older) is aloud to cosign a loan. the law states that any minor is not responcible for the repayment of any loan.
