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How Long Are Your Parents Financially Responsible for You?

January 4, 2021 By MelissaB Leave a Comment

 

 

How Long Are Your Parents Financially Responsible for You

From the time a baby is born until he is 17 years of age, experts estimate that parents will pay approximately $233,000 to care and provide for him (USDA).  That amount doesn’t even include the cost of college!  Parenthood is a lifelong responsibility, but the financial aspect has a definitive end according to the law.

How Long Are Parents Financially Responsible for You?

In the majority of states, parents are financially responsible for you until you reach the age of majority, which is 18.  However, if you live in Mississippi, the age of majority isn’t until 21!

Early Termination of Parental Responsibility

In rare cases, parents’ financial and legal responsibility can end early.

Termination of Legal Custody

One way this may happen is if the Department of Children and Family Services takes the children away from the parents due to neglect or abuse.  Parents are given time and classes to improve their parenting skills and regain custody of their children.  However, if they don’t change, their parental rights may be terminated.  In that case, they are no longer financially responsible for their children, but they also can no longer see their children.

Emancipation

Parents’ financial responsibility for you can also end if you become emancipated.  This can happen in several different ways.

Natural Emancipation

There are two ways you can be naturally emancipated.

Marriage

You will be naturally emancipated if you marry before the age of 18.  Of course, the age at which you can marry depends on your state, but only four states—Delaware, New Jersey, Minnesota, and Pennsylvania—don’t allow legal marriage before the age of 18.  The rest allow marriage at a variety of ages including as young as 13.  Once you’re married, your parents are no longer financially responsible for you.

Join the Military
Parents Financially Responsible for You
Photo by Jessica Radanavong on Unsplash

Likewise, you are eligible to join the military at 17.  If you do, your parents’ financial responsibility for you ends.

Minor Initiated Emancipation

In rare cases, a child can petition the court to be emancipated.  To successfully do so, a child must prove that he is mature enough and has the means to support himself.  While this doesn’t seem to happen frequently, there are plenty of child actors who have taken this step including Drew Barrymore who became emancipated at 14, and Macaulay Culkin who requested emancipation at 16.

Extended Parental Responsibility

In certain instances, parents’ financial responsibility for you may last longer than the age of the majority.  This may happen if you have a disability and your parents petition the court to be your legal guardian.  In order for them to be your legal guardian, they will need to prove that due to a disability, you are unable to manage your affairs.  If your parents become your legal guardians, they will ultimately make financial and legal decisions for you.

Final Thoughts

In general, parents are no longer legally financially responsible for you in most states when you reach the age of 18.  However, there are several circumstances where this legal obligation may end sooner or extend longer.

Read More

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MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: Children, Married Money Tagged With: children, cost of children, family finances, parenthood

Should You Give Financial Support to In-Laws?

December 7, 2020 By MelissaB Leave a Comment

Financial Support to In-Laws

Watching a loved one struggle financially can be painful.  If you have the money, you may want to step in and give them financial assistance.  However, before doing that, carefully consider.  As Dave Ramsey is fond of saying, “The borrower is slave to the lender.”  The last thing you want to do is have a family member see you as a master.  Nothing ruins relationships faster.  The situation gets even more complicated when you consider giving financial support to in-laws.

Reasons Not to Give Financial Support to In-Laws

There are two main reasons why you should decline giving financial support to in-laws.

Can Affect the Parent-Child Relationship

As mentioned above, one family member giving money to another family member, especially in the form of a loan, more often than not puts strain on the relationship.  That strain gets stronger when a child gives money to a parent.  There’s something about the imbalance of the child being in a better position than the parent that causes strain and embarrassment to both parties.

As much as you may want to help your parents or in-laws, doing so may not be worth the risk you’re taking to the quality of your relationship.

Can Affect the Spousal Relationship

When you’re married and discussing giving financial support to in-laws or your own parents, you’re adding another layer of complexity.  The last thing you want is to give money to your parents only to find out that your spouse resents giving money to her in-laws.  She may feel that the money you’re giving to your parents could be better used for your own family or your children.  This feeling is likely to fester if you’re routinely giving financial support to in-laws.

Remember, money issues are the leading cause of divorce.  If you feel lending your in-laws or parents money will cause financial strain, look at other options.  Try to find other ways to help your parents get back on their feet without risking both the parent-child relationship and the spousal relationship.  After all, if you end up divorcing over this type of issue, you’ll be even less likely to be able to help your parents after an expensive divorce.

Give a Gift Instead

Financial Support for In-Laws
Photo by Esther Ann on Unsplash

If you are financially secure and your spouse is onboard with the plan, why not consider giving your in laws a financial gift?  If your in-laws fall on hard times because of job loss or a health issues, give them a set sum once rather than letting them borrow the money.

However, I would caution against regularly giving them money.  Most people fall on hard times at least once in their lives.  However, if your in-laws regularly request money, likely something in their financial lifestyle needs to be adjusted so that they can be self-sufficient.

Final Thoughts

Giving financial support to in-laws is a risky proposition and not recommended to maintain healthy relationships.  However, if your in-laws fall on hard times, you might instead consider giving them a one-time gift.

Read More

How to Handle Financially Toxic Parents

How to Save More Money Every Month

The Best Spacing of Children for Your Finances

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: Giving, Married Money Tagged With: divorce, family, family finances, family relationships, Giving

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