Sources with direct knowledge tell us ... under the terms of the settlement, Jack has given Lisa a "sizable cash payout." He's also paying "significant child support" and is covering private schools, medical costs and pretty much every other expense.

The couple will also share joint custody of their 3 children.

As we reported, Lisa filed for divorce back in May and Jack just filed legal docs responding to her divorce petition. In his docs, Jack asked the judge to deny Lisa spousal support, but turns out that was just a formality because the settlement gives Lisa cash upfront in lieu of spousal support.

The divorce will be official 6 months after the May divorce petition was filed, but since Jack and Lisa have settled ... it's now just a matter of time.