Buying guide

Refinancing your mortgage after a breakup or divorce

What happens to the mortgage when you separate?

Murray Joiner
Last updated: 15 May 2024 | 3 min read
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AI summary

Separating from a partner when you share a mortgage requires careful financial planning. Both parties remain legally responsible for payments until the property is sold or one partner buys the other out.

Under New Zealand's Property (Relationships) Act, assets are typically divided equally after three years. However, couples can create a 'contracting-out' agreement for a different split. This can help ensure a fair outcome, especially if children are involved or there's a significant income disparity between partners.

What happens to the mortgage when you separate?

What is the law around dividing up relationship property?

Does shared property have to be split equally when you break up?

Why would someone agree to less than half the house in a break up?

Authors

Murray Joiner Murray Joiner
Content Writer

Karina Reardon Karina Reardon
Head of Strategic Partnerships