What type of custody arrangement involves parents sharing time with the child?

Joint physical custody is the correct answer because this arrangement specifically means that both parents share the physical care and time spent with their child. In joint physical custody, the child's living arrangements are divided between both parents, allowing for significant time spent with each parent. This type of custody aims to provide the child with a balance of parental influence and support, fostering relationships with both parents.

The other options do not accurately describe this arrangement. Sole physical custody refers to one parent having exclusive physical care of the child, meaning the child primarily resides with that parent. Joint legal custody pertains to the rights and responsibilities of making important decisions regarding the child's upbringing, such as education and health care, and does not necessarily involve sharing time physically. Third-party custody involves a non-parent, such as a relative or guardian, taking care of the child, which also does not address the shared time aspect between parents.