Most people think these two things are the same prior to speaking to an attorney. The fact is they are quite different, and you should know the difference if you have children or may ever become a party in a family court case.
Child Placement: This is what everyone thinks of, it is where the child will live, the main residence of the child. Child placement governs over who will have physical placement of the child for the majority of the time. (The other parent may have visitation.)
Child Custody: This is a legal concept. It covers who will have decision making power for the children until they reach the age of 18. If there is a medical decision that needs to be made regarding the child, the parent with legal custody makes that decision, etc.
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Both custody and placement can be shared or joint. This means parents can share decision making power and physical placement of the children even after a divorce.
If you have any questions on these or other legal theories, email me at lbowie@wbblegal.com or call my office at (401) 454-7700.