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The legal definition is a managing conservator is the person in whose home the child resides and the person who receives financial support for the child. The possessory conservator is the person who has visitation rights and pays the child support. Generally the "MC" has more rights in all decisions regarding the child. However, the actual rights and responsibilities of both parties are defined in the custody order at the discretion of the presiding magistrate.

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Q: What's the major difference between a 'managing conservator' and a 'possessory' one?
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