Buying guide
Refinancing your mortgage after a breakup or divorce
What happens to the mortgage when you separate?
AI summary
Navigating a mortgage after a breakup involves several key steps. Initially, both partners remain legally responsible for payments. The property is typically sold to repay the joint mortgage, or one partner can buy the other out by qualifying for a new mortgage on their own.
Under New Zealand's Property (Relationships) Act, assets are usually divided equally after three years. Couples can opt for a different arrangement with a 'contracting-out' agreement, which can be beneficial for children's stability or 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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