Divorce advice please

[timtim scott]

What is the name of your state (only U.S. law)? mn

my wife and I have been married for 3 1/2 years and i have recently asked her for a divorce. she moved into my house, but have been making all of the payments. Both of us are struggling to get by, are in our mid-forties, and we both are leaving the relationship with about the same as we entered into it with. There are no children involved, and there is no equity in my home.
I have some hunting property that I owned prior to our marriage, and a 401K plan that I have been contributing to for 15 years. Can my wife expect some type of monetary compensation in this situation?
would it be in my best interest to be the one to file divorce papers, or should i wait things out. She has moved out and has purchased a home on her own.What is the name of your state (only U.S. law)?

 

[mistoffolees]

What is the name of your state (only U.S. law)? mn

my wife and I have been married for 3 1/2 years and i have recently asked her for a divorce. she moved into my house, but have been making all of the payments. Both of us are struggling to get by, are in our mid-forties, and we both are leaving the relationship with about the same as we entered into it with. There are no children involved, and there is no equity in my home.
I have some hunting property that I owned prior to our marriage, and a 401K plan that I have been contributing to for 15 years. Can my wife expect some type of monetary compensation in this situation?
would it be in my best interest to be the one to file divorce papers, or should i wait things out. She has moved out and has purchased a home on her own.What is the name of your state (only U.S. law)?

Basically, each of you is entitled to half of the marital property (and half of the marital debt).

Your hunting property owned before the marriage is probably separate property, but if it has appreciated, you may owe her half of the gain.

Your 401K is complex and is best handled by an expert via a QDRO - which would give her only half of what you contributed during the marriage plus half of the gain. Or, you could trade her share of the 401K against other property. Be careful, though. The 401K is pre-tax money and is worth less than after tax money. For example, if you give her $20 K in cash and she gives you $20 K in her share of the 401K, you're getting a bad deal - by whatever the cumulative tax rate will be when you withdraw the money (I figure 40%, but your figures may vary). Make sure you make allowances for taxes.

If she purchased the home with non-marital assets (such as an inheritance), then it is all hers. If it was purchased with marital assets, it's a marital asset, as well.

It really doesn't matter much (if at all) who files.