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Typically the obligor is a non-custodial parent. [citation needed] Typically the obligee is a custodial parent, caregiver or guardian, or a government agency, and does not have to spend the money on the child. In the U.S., there is no gender requirement for child support; for example, a father may pay a mother or a mother may pay a father.
Here’s how custodial accounts work.
For an example of #1, the parents divorce in Texas, and the mother and children move to Mississippi. The father continues to live in Texas and the children maintain a significant connection to Texas by visiting Texas often and spending their summers there. Three years later the father filed suit in Texas to modify custody.
In the decades leading up to the 1970s child custody battles were rare, and in most cases the mother of minor children would receive custody. [5] Since the 1970s, as custody laws have been made gender-neutral, contested custody cases have increased as have cases in which the children are placed in the primary custody of the father.
In joint custody, both parents are custodial parents and neither parent is a non-custodial parent. [10] With joint physical custody, terms such as "primary custodial parent" and "primary residence" have no legal meaning other than for determining tax status. [11]
Start a custodial Roth IRA for your child to give them a head-start on tax-free retirement savings. Parents can teach children to learn to build wealth early.
Custodial accounts come in a number of forms, one being an account set up for a minor, since the minor is under the legal age of majority. The custodian is often the minor's parent. In the U.S., this type of account is often structured as a Coverdell ESA, allowing for tax-advantaged treatment of educational expenses.
Child support may be ordered to be paid by one parent to another when one is a non-custodial parent and the other is a custodial parent. Similarly, child support may also be ordered to be paid by one parent to another when both parents are custodial parents (joint or shared custody) and they share the child-raising responsibilities.
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