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Divorce Settlement – What is MOU [Memorandum of Understanding]

Divorce Settlement - Memorandum of Understanding

CompareSeparation AgreementNon-binding MoU
DefinitionAn agreement is a document by which parties commit to working together to reach a common goal.An MOU describes the terms of an agreement without being legally binding or involving the transfer of finances.
TraitsIt grants substantial rights to the parties.There should be a clear mention of another agreement that will be drawn, up at a later stage
Enforceable in a court of law?You can legally enforce this document in a court of law.This document cannot be legally enforced in a court of law.
Binding?Yes, always.Only if the MOU is signed with the intention of exchanging monies.
2019-11-04T16:21:05-05:00By |Divorce Costs Ontario|

About the Author:

Ken S. Maynard is an Ontario Accredited Divorce Mediator (Acc.FM) and a Certified Divorce Financial Analyst (CDFA). He is a specialist in comprehensive divorce mediation services resulting in a separation agreement. You can meet with Ken at any of the 6 DTSW Greater Toronto mediation centres including | Aurora | Barrie | North York | Vaughan | Mississauga | Scarborough