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The end product of a successful mediation is a document called Memorandum of Understanding, or MOU. Your mediator will take all agreements made during the mediation process and put them all on paper.
In a divorce mediation, The Memorandum of Understanding will contain such agreements as: property division, asset and liability division, alimony, and any other financial agreements. If children are involved, the MOU describes in detail the Co-Parenting plan. This plan should include such items as, but is not limited to, child custody and visitation schedules, child support, education, and health insurance.
The contents of a Memorandum of Understanding obviously vary based on the type of mediation and the unique circumstances. Family issues such as divorce, prenuptial, child custody, elder care, etc.. Business issues such as partnerships, operation, dissolution. Landlord tenant, employer employee issues. Any issue of concern, and potential concern, can be addressed and included in the Memorandum of Understanding.
In the case of divorce the MOU is filed with the court as the final divorce agreement. In other cases the MOU can be filed with the court as a legally binding agreement, or It can be used as a contract. After all parties agree to the contents and sign this document it becomes a legally binding contract and can be used in court when there is a breach of that contract.
Contact S. M. Edwards & Associates LLC, to find out how mediation can save you time and money.
Memorandum of Understanding