Protecting Your Finances From...Your Parents?

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You've finally made it as a musician, junior hockey player, actress, or perhaps a successful entrepreneur. But, unfortunately, your money seems to disappear as fast as you make it. And, sadly, you're not the one spending it. It's your parents. Maybe they've bought a nice house, cars and other fancy gadgets, all out of your paychecks. But, unfortunately, because you are still a teenager, your finances and contracts may still be under the control of your parents. So what should you do?

Taking Care of Business as a Minor

Justin Bieber is one of Canada's most famous - or infamous -- native sons. By the time he was 14, he had already signed his first recording contract and, soon, he was bringing in millions of dollars. Given Bieber's fame, it is surprising that Canada's laws are still very ambiguous when it comes to enforcing contracts with minors. In most provinces, anyone who has contracted with you more than likely went through your parents -- also known, legally, as your tutors. If you believe that the deal your tutors have made on your behalf are not in your best interest, you should:  

Taking it to the Limit

If the situation with your parents is not good, and you believe that you are mature enough to handle living on your own, you may want to seek emancipation from your parents. Why? Because once you are legally emancipated from your parents, you end their tutorship. Some facts about the emancipation process:

If you are truly at your wit's ends with the way your parents have been handling your finances and business relationships, you may need to do something drastic, such as becoming emancipated. However, you should consider your situation carefully before heading down a road that could be very destructive to your relationship with your family. 

To learn more about your options in these kinds of situations, be sure to speak with a family lawyer, such as Donald B. Phelps.