The magnetic and magneto-optical properties of Al/ Co/ V / MgO͑100͒ structures and the influence of the Co/ V interface for different thicknesses of the Co and V layers have been studied experimentally. From the element-specific hysteresis loops obtained by x-ray magnetic circular dichroism ͑XMCD͒ at the Co and V L 3 edges we find that the V layers are magnetically polarized antiparallel to the Co layers and that magnetization reversal occurs at the same magnetic field in both layers. The effect of the V atomic volume and the relative thicknesses of V and Co layers on the magnetic moments of the V and Co atoms are also studied. Contrary to what might be expected, the atomic magnetic moments of the V and Co atoms do not depend on the V atomic volume, however they depend strongly on the thicknesses of the V and Co layers. From the trend in the Co and V atomic magnetic moments as a function of Co and V thicknesses and the absence of any spectroscopic evidence for the formation of a VCo alloy, a long-range spin polarization of the V atoms is proposed. The extracted magneto-optical ͑MO͒ constants of V and Co as a function of photon energy clearly evidence a large amount of polarization in the V films in agreement with the XMCD results, which is indicative of the magnetic coupling between Co and V. The experimental MO results and simulations also show the strong influence of these polarized V layers in the MO properties of the complete system. These results, given the absence of spectroscopic evidence for the formation of a VCo alloy, support a long-range magnetization of the V atoms and a reduction of the Co atomic magnetic moments.