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Quick Overview of Financial Emancipation for Children

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 emancipation. 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 finances.

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.

NEXT: Quick Overview of Governing Laws Marital Emancipation

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