Yes, you can do the COS ... getting a new visa stamp the next time you travel out of the US.
PROFESSOR OF IMMIGRATION LAW for over 10 years -- This blog posting is offered for informational purposes only. It does not constitute an attorney-client relationship. Also, keep in mind that this is an INTERNET BLOG. You should not rely on anything you read here to make decisions which impact on your life. Meet with an attorney, via Skype, or in person, to obtain competent personal and professional guidance.
I agree with my colleague. If you are currently maintaining L1 status and your wife is on H-1B, you can seek H-4.
This response is general in nature and cannot be construed as legal advice, given that not enough facts are known. Any comments offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship. If you would like additional information based on this response, please contact my office at 510 657 7665 to schedule a consultation.
Yes, you can apply for COS. The expiration of your visa is not relevant because the visa needs to be valid only at the time of entry. Your I-94 form determines how long you can remain in the US legally. You are currently in status so you can apply for a COS.
As your green card application, you do not need to be employed by the petitioner until your green card is approved. So a COS to H-4 will not affect the application unless the employer withdraws it. Good luck!
You should consult with an experienced immigration attorney, whether myself or one of my colleagues, to thoroughly review your situation. Nothing in this post should be considered legal advice and no attorney-client relationship has been established.