My question involves a marriage in the state of Maine. Filed for Divorce in January. Proposed settlement included husband buying me out of our home - with 50% of equity going to me (I will be relocating to another state). I would also keep my own 401k (220K). Husband is now refusing to split equity in home and is going after half of difference in our 401k plans because he is angry that I will not just walk away with just my 401k. We have been married for 24 years, own a home with a market value of $166,000, both names on deed and mortgage which has an outstanding balance of $75,000. He has $100,000 in investment accounts with my 401K being 220,000. Right now settlement is being approached on a equal distribution.
Would this be how the calculation would be determined if just splitting equity and keeping our own investment accounts?: Husband: 100,000 in investment accounts; home- 121,000 (-my share of equity)= 221,000 Me: 220,000 in investment account; equity - buy out 45,000 = 265,000. There is still the issue of all of the house contents. We have already separated our vehicles and debt.
A settlement offer was recently presented to him: $35,000 and I would maintain my 401K. With the exception of some personal items from my home, I would waive any right to rest of house content which would increase the value of his property share. He also has a small construction business that he started prior to our marriage but funded via our joint accounts after marriage which does not generate much profit over the past few years and a future worker's compensation settlement payout which he did propose to his former employer but is now holding out on that until after we divorce to limit any potential for a share to be distributed to me (income portion) I would waive any potential rights to those two things also. He has rejected that offer.
Unfortunately, my husband is verbally and mentally abusive and has become worse since my filing for divorce. I am hoping to finalize a settlement soon so I can move on to my new life.... May need to move to a mediator for assistance.
Thank you. :friendly_wink:
Would this be how the calculation would be determined if just splitting equity and keeping our own investment accounts?: Husband: 100,000 in investment accounts; home- 121,000 (-my share of equity)= 221,000 Me: 220,000 in investment account; equity - buy out 45,000 = 265,000. There is still the issue of all of the house contents. We have already separated our vehicles and debt.
A settlement offer was recently presented to him: $35,000 and I would maintain my 401K. With the exception of some personal items from my home, I would waive any right to rest of house content which would increase the value of his property share. He also has a small construction business that he started prior to our marriage but funded via our joint accounts after marriage which does not generate much profit over the past few years and a future worker's compensation settlement payout which he did propose to his former employer but is now holding out on that until after we divorce to limit any potential for a share to be distributed to me (income portion) I would waive any potential rights to those two things also. He has rejected that offer.
Unfortunately, my husband is verbally and mentally abusive and has become worse since my filing for divorce. I am hoping to finalize a settlement soon so I can move on to my new life.... May need to move to a mediator for assistance.
Thank you. :friendly_wink:
Property Division: Property Division in Maine
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