Firstly in about 1446, at the age of only thirteen,[1] he married Anne de Ferrers (d.9 January 1469), the daughter and heiress of William de Ferrers, 6th Baron Ferrers of Chartley,[2][3] and thereby became jure uxoris Baron Ferrers of Chartley (in right of his wife) on 26 July 1461.[4] His wife Anne inherited great wealth upon the death of her father. Through the marriage, the Devereux family gained Chartley Castle as well as its barony.[5] By his wife, who predeceased him by seventeen years, he had at least six children including: Sir Robert Devereux of Ferrers (c1455 to ?),[6] who was appointed a Justice of the Peace for Shropshire on 24 February 1473, and again on 8 Nov 1473. John Devereux, 8th Baron Ferrers of Chartley (1463 - 3 May 1501)[4][2] Elizabeth Devereux, who married firstly to Sir Richard Corbet of Morton Corbet, and secondly to Sir Thomas Leighton of Wattlesborough.[4][2] Anne Devereux, who married, as his first wife, Sir Thomas Tyrrell (c.1453–1510?), son of Sir William Tyrrell (slain at the Battle of Barnet in 1471) by his wife, Eleanor Darcy.[7][2][8] Isabel ("Sybil") Devereux, who married Sir James Baskerville.[4] Sir Richard Devereux[4][2] Sir Thomas Devereux[4][2] Secondly, he married a certain lady named Jane (fl.1522),[9] by whom he had no further children. She survived him and remarried thrice: firstly to Thomas Vaughan, secondly to Sir Edward Blount of Sodington, and thirdly to Thomas Poyntz (d.1501) of Alderley, Gloucestershire,[4] an Esquire of the Body of King Henry VII at the baptism of his first-born son, Prince Arthur. He was the second son of Sir Robert Poyntz (died 1520), Lord of the manor of Iron Acton in Gloucestershire, a supporter of King Henry VII at the Battle of Bosworth in 1485.[10]

On 26 July 1461 Walter Devereux was raised to the rank of Baron in right of his wife and on account of his great services against Henry VI, the Duke of Exeter, the earls of Pembroke and Wiltshire, and the other rebels and traitors, thereby becoming Lord Ferrers.