Buying guide
Refinancing your mortgage after a breakup or divorce
What happens to the mortgage when you separate?
AI summary
When a couple with a joint mortgage separates, both remain legally responsible for payments until the property is sold or refinanced. The house is usually sold, the mortgage is repaid, and remaining equity is divided. One partner can buy the other out but must qualify for a new mortgage alone.
New Zealand's Property (Relationships) Act typically mandates an equal split of assets. However, a 'contracting-out' agreement allows for different arrangements, often to ensure a fair outcome for children or to balance income disparities.
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?
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