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Financial Emancipation

Quick Overview of Financial Emancipation for Children

Quick Overview of Financial Emancipation for Children

One of the popular reasons in
which a minor may decide to pursue
 emancipation from their parents is for
financial purposes. Child law recognizes
 two different forms of financial emancipation. Partial emancipation occurs when a minor is released from
their parents’ care for a specified period of time, or if the minor is released
from one aspect of their parents’ authority. Usually partial emancipation still
requires the parents to provide financial support to the minor.

On the other hand, complete
emancipation relinquishes the parents of all legal responsibility to provide
any support to the minor. In order for a minor to become completely emancipated
they have to demonstrate that they are completely financially independent by
proving to a judge that they have a secure job and are able to obtain all basic
necessities for themselves, as well as secure housing. Minors may find that
this is difficult to accomplish due to restrictions placed on minors by Federal
labor laws.

The ability for a child to
emancipate, as well as the laws regarding emancipation, are greatly affected by labor laws
. Federal labor laws restrict the hours that
a minor is allowed to work, the jobs that they are allowed to do, as well as
the pay that they receive. Because of these restrictions, most minors find it
difficult to cope with the cost of living.

There are many reasons that a minor may seek a financial
. A minor may seek emancipation in order to
protect their finances from their parents, who may take advantage of their
legal power to have access to the minor’s monetary funds. This is a
particularly popular practice with child stars or children who have made a
great deal of money singing, acting or modeling.

A minor who has earned a great
deal of money may wish to rent their own apartment or buy their own house. A
legal emancipation would give a minor in this situation the rights to sign a
lease or purchase a house and the responsibility of managing their own

An emancipation may be
beneficial in some cases. However, in other cases it will not be of any
assistance. For example, the emancipation of a minor will not provide any
assistance in receiving more financial aid for college, as the FASFA would
still consider an emancipated minor to be a dependent.