Buying guide
Refinancing your mortgage after a breakup or divorce
What happens to the mortgage when you separate?
AI summary
Separating when you share a mortgage can be complex. Both partners remain legally responsible for payments until the property is sold or one partner buys the other out. Sale proceeds first repay the mortgage, with the remaining equity divided.
Under New Zealand's Property (Relationships) Act, assets are typically split equally for relationships over three years. However, a 'contracting-out' agreement allows couples to decide on a different arrangement, which can be beneficial when children or income disparities are a factor.
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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