If you want to use the language below, replace the blank lines and instructions with the correct amounts. For example, if there is $100,000 in equity you would delete $________________ (amount of equity) and replace it with $100,000. You would then replace $________________ (Respondent's share of equity) in both places with whatever equity Respondent is to receive, for example $25,000. It's also better to replace the words Petitioner and Respondent with real names. You can modify any of this sample language if you need to. You are ultimately responsible for the language in the documents you submit to the court. If this sample language does not say what you need it to say, then don't use it, or modify it so that it does.
Petitioner shall receive sole and exclusive ownership of this real property. Respondent shall receive part of the equity existing in the property at the date of the entry of the Decree of Divorce. The parties agree that the equity at date of the divorce is $_________________ (amount of equity). Respondent's share is $_________________ (Respondent's share of equity). Respondent shall sign a Quit-Claim deed to Petitioner at the time the divorce is entered, but shall retain an equitable lien against the property in the amount of $_________________ (Respondent's share of equity). Upon Petitioner paying the equitable lien amount Respondent shall sign a second Quit-Claim deed removing the lien from the property.
You may also want to explain after the paragraph why it is that Respondent is receiving an amount of equity other than the 1/2 share Respondent would normally receive.
For example: Respondent will also receive Respondent's entire 401K valued at $50,000. This means Respondent will receive a total of $75,000 and Petitioner will receive a total of $75,000 in marital assets.
Be sure to include the proper language in your quit claim deed for the lien. For example:
Grantor ____________________ (Respondents's name) retains a lien against the above described real property in the amount of $_____________ until such time as grantee _____________________________ (Petitioner's name) pays to grantor __________________________ (Respondent's name) the sum of $_________________ which represents that portion of the property awarded to grantor _______________________ (Respondent's name) by the court in the parties’ Decree of Divorce, ______________________ (case title, ie Jones v. Johnson) __________________________________ (court name, ie Third District Court, Salt Lake County, Utah) ________________________ (case number).