Spousal Consent Requirements

Planning for retirement involves making financial decisions not only for yourself, but your loved ones, especially your spouse. States like AK, AZ, CA, ID, LA, NV, NM, TX, WA, and WI are subject to Community Property Laws in which married individuals who wish to designate a primary beneficiary other than spouse for their retirement account will need spousal consent.

What are Community Property Laws?

Community property laws govern the ownership of assets that are purchased during marriage such as real estate, income, and investments. This requires account holders to list their spouse as the primary beneficiary with a share percentage of 100%. 

What if I want to list someone other than my spouse as a beneficiary?

If you prefer to list a different primary beneficiary other than your spouse, please complete the spousal consent form located on your Rocket Dollar Dashboard. The purpose of this form is to remain compliant with spousal consent laws and ensure that all parties are aware of and agree to the financial decisions being made. 

Investments within retirement accounts may also be considered to be marital assets, and designating a beneficiary other than one's spouse could result in implications for the distribution of these assets. Spousal consent helps protect the integrity of marital assets, ensuring both spouses have a say in how assets are distributed.