1031 - HELP - I'm so confused

[Daniel Pitner]

As the title says, I'm SO confused. I'll get right to the point: 
I'm not sure how much I need to reinvest to do a 1031 and how much of a purchase price I need to purchase at. Everything I read says I have to purchase a property of the same value as the one I'm selling, but other things say it's just the same value of the gains. 

Here are the details: 
I'm going through a divorce and am forced to sell a property that isn't exempt from gains. 

Sale Price: $525k
Purchase Price: $325k
Mortgage Left: $268000
Estimated Gains: 224k
My portion of the gains (after 50/50 split with wife): $112,000

Questions
-Do I have to purchase a home of $525k with my $112k or simply a home of $112k or higher?