"One-half of the community property furniture and artwork to be divided by alternating picks after the flip of a coin to determine who will pick first," their settlement agreement reads.
Young, a studio executive, will also receive $627,000 in the settlement as well as one-half of residuals for all work performed by the Private Practice star during their marriage. Walsh, 42, will be keeping ownership of a home, various bank accounts and a piano.
The couple exchanged vows in Sept. 2007 after a whirlwind romance, and were married for a year and two months. They have no children together.
Walsh has been linked since to camera operator Neil Andrea.