Seeking guidance on managing mortgage payments and property division during a divorce? Get valuable tips in this informative article.
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“Hi, I’m six months separated and my ex is threatening to withhold his share of mortgage payments on our apartment. I want to sell but ex hasn’t provided key information like kiwisaver details. I’m worried that if I sell the property there’s nothing to make him comply with a fair settlement, but I can’t afford both his and my share of the mortgage. Any help, comments appreciated.”
(Original question on Reddit)
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Hi there! I’m not a lawyer, but I can offer some general advice on how to approach this situation. It’s important to consult with a legal professional to get advice specific to your circumstances. Here are some general steps to consider:
Consult with an Attorney:
It’s essential to consult with a family law attorney to understand your legal rights and options. They can provide you with guidance tailored to your situation and jurisdiction.
Review Your Separation Agreement:
If you and your ex-spouse have a formal separation agreement in place, review it carefully. The agreement may specify how mortgage payments and property division should be handled. If there is no formal agreement, your attorney can help you negotiate one.
Communication:
Try to communicate with your ex-spouse about your concerns. Open and honest communication can sometimes lead to a resolution. Document any discussions or agreements in writing to have a record of them.
Financial Records:
Ensure you have copies of all financial documents related to the property, including mortgage statements, property deeds, and any other relevant documents.
Legal Action:
If your ex continues to withhold mortgage payments and necessary financial information, you may need to take legal action. Your attorney can guide you through this process, which may include obtaining a court order for financial disclosure and seeking remedies for non-payment.
Property Sale:
If you wish to sell the property, discuss the possibility with your attorney. They can help you navigate the legal process and ensure a fair division of the proceeds.
Importance of KiwiSaver Information:
KiwiSaver contributions made during a relationship or marriage may be considered relationship property under New Zealand’s Property (Relationships) Act 1976. It’s crucial to understand the implications of your ex’s KiwiSaver contributions, as they could potentially be subject to division in a property settlement. A lawyer will help you understand this act and provide the necessary steps of action going forward.
Financial Assistance:
If you’re struggling to afford both your and your ex-spouse’s share of the mortgage, you may explore options such as refinancing the mortgage, seeking financial assistance, or modifying the terms of the mortgage.
Remember that legal processes and requirements can vary by jurisdiction, and the advice of an attorney familiar with your specific circumstances is crucial. They can help you navigate the complexities of divorce, property division, and mortgage payments.
Hope this helps.
Regards, Clive Fernandes (Financial Adviser)
Director – National Capital
Disclosure: I am the director of National Capital, a KiwiSaver advice firm. The views expressed in this article are the views of the author. The information provided is of a general nature and is not intended to be personalised financial advice. You may seek appropriate financial advice from a Financial Adviser to suit your individual circumstances or contact National Capital.
