Buying guide
Refinancing your mortgage after a breakup or divorce
What happens to the mortgage when you separate?
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?
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