What Is A Memorandum Of Understanding?

After clients have resolved all their issues, the mediator prepares a written summary of the negotiated settlement known as a Memorandum of Understanding. An addendum including the financial records and agreed upon Parenting Plan is attached to the Memorandum and sent to the clients’ attorneys. Thereafter, one lawyer draws upon the Memorandum of Understanding to prepare a formal Property Settlement Agreement, which the parties ultimately sign and submit to Court for a final Judgment of Divorce. The Memorandum is not binding and decisions made in mediation and recorded in the Memorandum are sometimes subject to renegotiation or modification if either party’s attorney recommends doing so.