My question is for a personal guaranty to be valid, does it require having both spouses as gaurantors on the guaranty? And does this vary from state to state?
The guaranty is valid as against the person who provided the guaranty. Thus, if only one spouse guarantees the debt, the creditor can look only that spouse's interest in assets to collect. This of course can raise difficulties where the guarantor has most assets held jointly with his/her spouse. In states where property may be held as tenants by the entirety (a form of ownership exclusive to married persons and available in about 20 states), creditors of just one spouse cannot reach property held in that manner. Even where the property is held as joint tenants with a right of surivorship or as tenants in common, it is more difficult to attach just one owner's interest in the property and sell it. There are ways that might be done, but it is not as neat and easy as it would be if both spouses were liable on the debt, thus allowing the creditor to attach all of the jointly held property. For these reasons, many creditors want both spouses to be liable on the debt.