Draft #3:

I will say that this is much improved from the first one..no?
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'Over the past few days, I've been doing a lot of soul searching, praying and honest reflection on our marriage and specifically, these past 11 mos.

With that being said, I refuse to continue living in an open marriage. It is extremely disrespectful to me, to our marriage and family. You have some decisions to make here. Should you decide to work on our relationship, know that I am more than willing to put in the necessary work with you to establish a new, better, and improved marriage going forward.

Should you decide you are unable to end all contact with OM and commit to re-building a new relationship with me, I will move forward with initiating a divorce. We will continue to have a civil relationship with respect to the kids and that will be all. We will not be friends.

Please let me know your thoughts by Monday morning at 9 am on your decision...

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I am sure Starsky, Bond, Sandi, and others have some ideas here.

Sit on this one for a while. Sometimes the next day, we have a fresh set of eyes and may think of other things that did not occur before. I usually do this when writing business correspondences etc.