I am doing the research to pursue Spanish citizenship. I am Filipina but am a naturalized American citizen. If I apply for Spanish (EU) citizenship, do I have to give up my American citizenship? Will either side (US or EU) accept dual citizenship? If I'm supposed to renounce but don't, will either country know? What are the repercussions?

My husband will remain a US citizen and we plan to live together, part time in each country. Hopefully none of this will be a problem.