diff --git a/mypyc/analysis/dataflow.py b/mypyc/analysis/dataflow.py
index ee2ff06b0f03..cade0c823962 100644
--- a/mypyc/analysis/dataflow.py
+++ b/mypyc/analysis/dataflow.py
@@ -46,6 +46,7 @@
     Truncate,
     TupleGet,
     TupleSet,
+    Unborrow,
     Unbox,
     Unreachable,
     Value,
@@ -272,6 +273,9 @@ def visit_load_address(self, op: LoadAddress) -> GenAndKill[T]:
     def visit_keep_alive(self, op: KeepAlive) -> GenAndKill[T]:
         return self.visit_register_op(op)
 
+    def visit_unborrow(self, op: Unborrow) -> GenAndKill[T]:
+        return self.visit_register_op(op)
+
 
 class DefinedVisitor(BaseAnalysisVisitor[Value]):
     """Visitor for finding defined registers.
diff --git a/mypyc/analysis/ircheck.py b/mypyc/analysis/ircheck.py
index 2e6b7320e898..a31b1517b036 100644
--- a/mypyc/analysis/ircheck.py
+++ b/mypyc/analysis/ircheck.py
@@ -44,6 +44,7 @@
     Truncate,
     TupleGet,
     TupleSet,
+    Unborrow,
     Unbox,
     Unreachable,
     Value,
@@ -422,3 +423,6 @@ def visit_load_address(self, op: LoadAddress) -> None:
 
     def visit_keep_alive(self, op: KeepAlive) -> None:
         pass
+
+    def visit_unborrow(self, op: Unborrow) -> None:
+        pass
diff --git a/mypyc/analysis/selfleaks.py b/mypyc/analysis/selfleaks.py
index 288c366e50e5..80c2bc348bc2 100644
--- a/mypyc/analysis/selfleaks.py
+++ b/mypyc/analysis/selfleaks.py
@@ -40,6 +40,7 @@
     Truncate,
     TupleGet,
     TupleSet,
+    Unborrow,
     Unbox,
     Unreachable,
 )
@@ -184,6 +185,9 @@ def visit_load_address(self, op: LoadAddress) -> GenAndKill:
     def visit_keep_alive(self, op: KeepAlive) -> GenAndKill:
         return CLEAN
 
+    def visit_unborrow(self, op: Unborrow) -> GenAndKill:
+        return CLEAN
+
     def check_register_op(self, op: RegisterOp) -> GenAndKill:
         if any(src is self.self_reg for src in op.sources()):
             return DIRTY
diff --git a/mypyc/codegen/emitfunc.py b/mypyc/codegen/emitfunc.py
index b4d31544b196..3bce84d3ea59 100644
--- a/mypyc/codegen/emitfunc.py
+++ b/mypyc/codegen/emitfunc.py
@@ -55,6 +55,7 @@
     Truncate,
     TupleGet,
     TupleSet,
+    Unborrow,
     Unbox,
     Unreachable,
     Value,
@@ -260,7 +261,6 @@ def visit_tuple_set(self, op: TupleSet) -> None:
         else:
             for i, item in enumerate(op.items):
                 self.emit_line(f"{dest}.f{i} = {self.reg(item)};")
-        self.emit_inc_ref(dest, tuple_type)
 
     def visit_assign(self, op: Assign) -> None:
         dest = self.reg(op.dest)
@@ -499,7 +499,8 @@ def visit_tuple_get(self, op: TupleGet) -> None:
         dest = self.reg(op)
         src = self.reg(op.src)
         self.emit_line(f"{dest} = {src}.f{op.index};")
-        self.emit_inc_ref(dest, op.type)
+        if not op.is_borrowed:
+            self.emit_inc_ref(dest, op.type)
 
     def get_dest_assign(self, dest: Value) -> str:
         if not dest.is_void:
@@ -746,6 +747,12 @@ def visit_keep_alive(self, op: KeepAlive) -> None:
         # This is a no-op.
         pass
 
+    def visit_unborrow(self, op: Unborrow) -> None:
+        # This is a no-op that propagates the source value.
+        dest = self.reg(op)
+        src = self.reg(op.src)
+        self.emit_line(f"{dest} = {src};")
+
     # Helpers
 
     def label(self, label: BasicBlock) -> str:
diff --git a/mypyc/ir/ops.py b/mypyc/ir/ops.py
index 2d64cc79d822..04c50d1e2841 100644
--- a/mypyc/ir/ops.py
+++ b/mypyc/ir/ops.py
@@ -792,6 +792,9 @@ def __init__(self, items: list[Value], line: int) -> None:
     def sources(self) -> list[Value]:
         return self.items.copy()
 
+    def stolen(self) -> list[Value]:
+        return self.items.copy()
+
     def accept(self, visitor: OpVisitor[T]) -> T:
         return visitor.visit_tuple_set(self)
 
@@ -801,13 +804,14 @@ class TupleGet(RegisterOp):
 
     error_kind = ERR_NEVER
 
-    def __init__(self, src: Value, index: int, line: int = -1) -> None:
+    def __init__(self, src: Value, index: int, line: int = -1, *, borrow: bool = False) -> None:
         super().__init__(line)
         self.src = src
         self.index = index
         assert isinstance(src.type, RTuple), "TupleGet only operates on tuples"
         assert index >= 0
         self.type = src.type.types[index]
+        self.is_borrowed = borrow
 
     def sources(self) -> list[Value]:
         return [self.src]
@@ -1387,21 +1391,76 @@ class KeepAlive(RegisterOp):
     If we didn't have "keep_alive x", x could be freed immediately
     after taking the address of 'item', resulting in a read after free
     on the second line.
+
+    If 'steal' is true, the value is considered to be stolen at
+    this op, i.e. it won't be decref'd. You need to ensure that
+    the value is freed otherwise, perhaps by using borrowing
+    followed by Unborrow.
+
+    Be careful with steal=True -- this can cause memory leaks.
     """
 
     error_kind = ERR_NEVER
 
-    def __init__(self, src: list[Value]) -> None:
+    def __init__(self, src: list[Value], *, steal: bool = False) -> None:
         assert src
         self.src = src
+        self.steal = steal
 
     def sources(self) -> list[Value]:
         return self.src.copy()
 
+    def stolen(self) -> list[Value]:
+        if self.steal:
+            return self.src.copy()
+        return []
+
     def accept(self, visitor: OpVisitor[T]) -> T:
         return visitor.visit_keep_alive(self)
 
 
+class Unborrow(RegisterOp):
+    """A no-op op to create a regular reference from a borrowed one.
+
+    Borrowed references can only be used temporarily and the reference
+    counts won't be managed. This value will be refcounted normally.
+
+    This is mainly useful if you split an aggregate value, such as
+    a tuple, into components using borrowed values (to avoid increfs),
+    and want to treat the components as sharing the original managed
+    reference. You'll also need to use KeepAlive with steal=True to
+    "consume" the original tuple reference:
+
+      # t is a 2-tuple
+      r0 = borrow t[0]
+      r1 = borrow t[1]
+      r2 = unborrow r0
+      r3 = unborrow r1
+      # now (r2, r3) represent the tuple as separate items, and the
+      # original tuple can be considered dead and available to be
+      # stolen
+      keep_alive steal t
+
+    Be careful with this -- this can easily cause double freeing.
+    """
+
+    error_kind = ERR_NEVER
+
+    def __init__(self, src: Value) -> None:
+        assert src.is_borrowed
+        self.src = src
+        self.type = src.type
+
+    def sources(self) -> list[Value]:
+        return [self.src]
+
+    def stolen(self) -> list[Value]:
+        return []
+
+    def accept(self, visitor: OpVisitor[T]) -> T:
+        return visitor.visit_unborrow(self)
+
+
 @trait
 class OpVisitor(Generic[T]):
     """Generic visitor over ops (uses the visitor design pattern)."""
@@ -1548,6 +1607,10 @@ def visit_load_address(self, op: LoadAddress) -> T:
     def visit_keep_alive(self, op: KeepAlive) -> T:
         raise NotImplementedError
 
+    @abstractmethod
+    def visit_unborrow(self, op: Unborrow) -> T:
+        raise NotImplementedError
+
 
 # TODO: Should the following definition live somewhere else?
 
diff --git a/mypyc/ir/pprint.py b/mypyc/ir/pprint.py
index c86060c49594..5578049256f1 100644
--- a/mypyc/ir/pprint.py
+++ b/mypyc/ir/pprint.py
@@ -51,6 +51,7 @@
     Truncate,
     TupleGet,
     TupleSet,
+    Unborrow,
     Unbox,
     Unreachable,
     Value,
@@ -153,7 +154,7 @@ def visit_init_static(self, op: InitStatic) -> str:
         return self.format("%s = %r :: %s", name, op.value, op.namespace)
 
     def visit_tuple_get(self, op: TupleGet) -> str:
-        return self.format("%r = %r[%d]", op, op.src, op.index)
+        return self.format("%r = %s%r[%d]", op, self.borrow_prefix(op), op.src, op.index)
 
     def visit_tuple_set(self, op: TupleSet) -> str:
         item_str = ", ".join(self.format("%r", item) for item in op.items)
@@ -274,7 +275,16 @@ def visit_load_address(self, op: LoadAddress) -> str:
             return self.format("%r = load_address %s", op, op.src)
 
     def visit_keep_alive(self, op: KeepAlive) -> str:
-        return self.format("keep_alive %s" % ", ".join(self.format("%r", v) for v in op.src))
+        if op.steal:
+            steal = "steal "
+        else:
+            steal = ""
+        return self.format(
+            "keep_alive {}{}".format(steal, ", ".join(self.format("%r", v) for v in op.src))
+        )
+
+    def visit_unborrow(self, op: Unborrow) -> str:
+        return self.format("%r = unborrow %r", op, op.src)
 
     # Helpers
 
diff --git a/mypyc/irbuild/ll_builder.py b/mypyc/irbuild/ll_builder.py
index 984b6a4deec0..d1ea91476a66 100644
--- a/mypyc/irbuild/ll_builder.py
+++ b/mypyc/irbuild/ll_builder.py
@@ -266,6 +266,9 @@ def goto_and_activate(self, block: BasicBlock) -> None:
         self.goto(block)
         self.activate_block(block)
 
+    def keep_alive(self, values: list[Value], *, steal: bool = False) -> None:
+        self.add(KeepAlive(values, steal=steal))
+
     def push_error_handler(self, handler: BasicBlock | None) -> None:
         self.error_handlers.append(handler)
 
diff --git a/mypyc/irbuild/statement.py b/mypyc/irbuild/statement.py
index 63297618108c..d7e01456139d 100644
--- a/mypyc/irbuild/statement.py
+++ b/mypyc/irbuild/statement.py
@@ -59,11 +59,13 @@
     Register,
     Return,
     TupleGet,
+    Unborrow,
     Unreachable,
     Value,
 )
 from mypyc.ir.rtypes import (
     RInstance,
+    RTuple,
     c_pyssize_t_rprimitive,
     exc_rtuple,
     is_tagged,
@@ -183,8 +185,29 @@ def transform_assignment_stmt(builder: IRBuilder, stmt: AssignmentStmt) -> None:
 
     line = stmt.rvalue.line
     rvalue_reg = builder.accept(stmt.rvalue)
+
     if builder.non_function_scope() and stmt.is_final_def:
         builder.init_final_static(first_lvalue, rvalue_reg)
+
+    # Special-case multiple assignments like 'x, y = expr' to reduce refcount ops.
+    if (
+        isinstance(first_lvalue, (TupleExpr, ListExpr))
+        and isinstance(rvalue_reg.type, RTuple)
+        and len(rvalue_reg.type.types) == len(first_lvalue.items)
+        and len(lvalues) == 1
+        and all(is_simple_lvalue(item) for item in first_lvalue.items)
+        and any(t.is_refcounted for t in rvalue_reg.type.types)
+    ):
+        n = len(first_lvalue.items)
+        for i in range(n):
+            target = builder.get_assignment_target(first_lvalue.items[i])
+            rvalue_item = builder.add(TupleGet(rvalue_reg, i, borrow=True))
+            rvalue_item = builder.add(Unborrow(rvalue_item))
+            builder.assign(target, rvalue_item, line)
+        builder.builder.keep_alive([rvalue_reg], steal=True)
+        builder.flush_keep_alives()
+        return
+
     for lvalue in lvalues:
         target = builder.get_assignment_target(lvalue)
         builder.assign(target, rvalue_reg, line)
diff --git a/mypyc/test-data/irbuild-statements.test b/mypyc/test-data/irbuild-statements.test
index 062abd47d163..490b41336e88 100644
--- a/mypyc/test-data/irbuild-statements.test
+++ b/mypyc/test-data/irbuild-statements.test
@@ -502,16 +502,16 @@ L0:
 [case testMultipleAssignmentBasicUnpacking]
 from typing import Tuple, Any
 
-def from_tuple(t: Tuple[int, str]) -> None:
+def from_tuple(t: Tuple[bool, None]) -> None:
     x, y = t
 
 def from_any(a: Any) -> None:
     x, y = a
 [out]
 def from_tuple(t):
-    t :: tuple[int, str]
-    r0, x :: int
-    r1, y :: str
+    t :: tuple[bool, None]
+    r0, x :: bool
+    r1, y :: None
 L0:
     r0 = t[0]
     x = r0
@@ -563,16 +563,19 @@ def from_any(a: Any) -> None:
 [out]
 def from_tuple(t):
     t :: tuple[int, object]
-    r0 :: int
-    r1, x, r2 :: object
-    r3, y :: int
+    r0, r1 :: int
+    r2, x, r3, r4 :: object
+    r5, y :: int
 L0:
-    r0 = t[0]
-    r1 = box(int, r0)
-    x = r1
-    r2 = t[1]
-    r3 = unbox(int, r2)
-    y = r3
+    r0 = borrow t[0]
+    r1 = unborrow r0
+    r2 = box(int, r1)
+    x = r2
+    r3 = borrow t[1]
+    r4 = unborrow r3
+    r5 = unbox(int, r4)
+    y = r5
+    keep_alive steal t
     return 1
 def from_any(a):
     a, r0, r1 :: object
diff --git a/mypyc/test-data/refcount.test b/mypyc/test-data/refcount.test
index 3db4caa39566..0f2c134ae21e 100644
--- a/mypyc/test-data/refcount.test
+++ b/mypyc/test-data/refcount.test
@@ -656,6 +656,66 @@ L1:
 L2:
     return 4
 
+[case testReturnTuple]
+from typing import Tuple
+
+class C: pass
+def f() -> Tuple[C, C]:
+    a = C()
+    b = C()
+    return a, b
+[out]
+def f():
+    r0, a, r1, b :: __main__.C
+    r2 :: tuple[__main__.C, __main__.C]
+L0:
+    r0 = C()
+    a = r0
+    r1 = C()
+    b = r1
+    r2 = (a, b)
+    return r2
+
+[case testDecomposeTuple]
+from typing import Tuple
+
+class C:
+    a: int
+
+def f() -> int:
+    x, y = g()
+    return x.a + y.a
+
+def g() -> Tuple[C, C]:
+    return C(), C()
+[out]
+def f():
+    r0 :: tuple[__main__.C, __main__.C]
+    r1, r2, x, r3, r4, y :: __main__.C
+    r5, r6, r7 :: int
+L0:
+    r0 = g()
+    r1 = borrow r0[0]
+    r2 = unborrow r1
+    x = r2
+    r3 = borrow r0[1]
+    r4 = unborrow r3
+    y = r4
+    r5 = borrow x.a
+    r6 = borrow y.a
+    r7 = CPyTagged_Add(r5, r6)
+    dec_ref x
+    dec_ref y
+    return r7
+def g():
+    r0, r1 :: __main__.C
+    r2 :: tuple[__main__.C, __main__.C]
+L0:
+    r0 = C()
+    r1 = C()
+    r2 = (r0, r1)
+    return r2
+
 [case testUnicodeLiteral]
 def f() -> str:
     return "some string"