Legal Question in Family Law in Minnesota

Re: Marital status 401k mn

If you are the only one signing on the loan, they will only use your assets to determine net worth and financial resources available. There is nothing improper about the practice.

if your spouse is signing on the loan as well, his financial resources may be considered.

Re: Marital status 401k mn

Thank you for your question regarding the effect of your marital status on a loan application.

I'm not certain I fully understand all of the facts relative to your question. It appears the bank will not consider your husband's 401(k) for the purpose of qualifying you on a loan application, filed under your name. If that is correct, then the bank has not done anything inappropriate. The mere fact that you are married does not mean your husband's assets can be included with your assets on a loan application -- unless, that is, he is also joining in the application and will be jointly liable on the note. In other words, you can't have it both ways: either he joins in the application, in which case his assets will be considered, together with his credit score, or he does not join in the application, in which case his assets are irrelevant.

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