How to Protect Equity in Divorce WA State?

[Thomas Coburn]

Hello. I'm Thomas and could really use some guidance on protecting and eventually receiving my share of equity in the marital home.

I'm finalizing a divorce in Washington state. I paid for two different consultations with a divorce and real estate attorney. And received different suggestions.

I'm happy to pay someone here for a consult on how to protect myself and reach an agreement.

My ex's attorney is waiting for my response. Trial, which we've already postponed once, is set for early March. She said we need to have everything agreed to and entered in the final order with the court to prevent trial, even though we've agreed on every point except this one.

Specifics:

*  Finalizing divorce.
*  Washington state.
*  Wife and I both on title.
*  Only wife on mortgage.
*  Equity in the home.
*  Wife will continue to live in home.
*  Wife responsible for maintenance and repairs.
*  Wife cannot refinance and pull out my half of equity because she is self-employed and W-2's minimal income.

Obviously, the cleanest and safest route (for my half of the equity) is to force sell of the home. However, there's a human element and I do have compassion for my ex. So, I don't want to do this. And, I don't want to carry a note. The less contact between my ex and I, the better.

My ex's attorney has suggested the following, which feels like it provides little protection for me:

*  We both remain on title.
*  We get three CMAs and/or appraisals and agree on current market value.
*  Include a "forced sale" clause executes in 12 months if ex is unable to refinance and cash me out during that time frame.
*  Wife pays a to-be-agreed-upon interest rate on my half of the equity until it is cashed out.

Questions:

*  How would you resolve and protect yourself, outside of selling the home?

*  What requirements and contingencies (i.e. umbrella and earthquake insurance policies; ex to forfeit some or all of her share of equity to make me whole, etc.) would you include for protection against possible forms of loss (i.e. lawsuits, natural disasters, mortgage default, property neglect/deterioration, etc.? )

*  Should I remove myself from title to limit potential liability while placing a second lien in the amount of my share of the equity?

*  Can/should I include a clause that home be appraised now, and at the date of my equity cash out, and the higher of the two values be used?

*  What language to include in the "forced sale" clause so ex has no legal recourse or ability to stall or delay?

Thanks a lot for your time and consideration in replying. I truly appreciate it.

Thomas

Seattle, Washington