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Physical Custody

   Also found in: Wikipedia 0.01 sec.
Physical Custody
The taxpayer with whom a child lives is considered to have physical custody.


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Six months before his untimely death in June, Billie Jean had filed a lawsuit demanding 1 billion dollars in support payments from the singer, as well as joint legal and physical custody of the seven year old, nicknamed Blanket, who she insists is her son, reports Contactmusic.
Unlike banks or broker-dealers, investment advisers generally do not have physical custody of their clients' funds or securities, the SEC said.
The family warfare caused by our current laws could be eliminated with a legal presumption of 50/50 physical custody, coupled with no child support unless one party can show that the child's basic needs will not be provided without court-ordered payments.
 
 
 
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