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What does it mean to be joint managing conservators of children? Does this mean joint custody?

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What does it mean to be joint managing conservators of children? Does this mean joint custody?

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Joint Managing Conservator means the sharing of the rights, privileges, duties and powers of a parent by two parties, even if the exclusive power to make certain decisions may be awarded to one party. Joint Managing Conservator does not mean that there will be equal or nearly equal periods of physical possession or access to the child by each parent. Frequently, the primary physical residence of the child is designated.

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