Avoid premarital debt; it impacts joint finances

Premarital debt can significantly impact a couple's financial future, potentially affecting their ability to secure joint loans. This can limit their ability to purchase a home or other shared assets. While premarital debts are typically separate, they can still affect a couple's finances. In community property states, creditors could pursue jointly owned assets. Additionally, paying off premarital debt reduces funds available for shared goals. Financial expert Liz Weston also addresses tax return issues and retirement plan withdrawals. She advises seeking professional help for tax problems and considering bankruptcy for severe debt situations.