No. Not at all. To be emancipated in CO, the child needs to show that she can take care of all of her own needs by herself - has a job, has a car, has a separate place to live, etc. I would actually argue that the child is less able to do all of those things now that she has a baby in tow.
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All of us who have answered are in agreement that a 14 year who has a baby does not automatically emancipate. She should establish paternity of the child, establish a parenting plan and decision making for the child, and child support. It would be helpful for her as she begins to assume responsibility for the child, that she and her parents consult with a family law attorney.