Control Collider Rotation independently from the object it is attached to.

I need a way to freeze the rotation of the Collider/Rigidbody on my character, without freezing the rotation of the object that they are attached to. The object they are attached to is rotated with the mouse, but I DON'T want the mouse to also rotate the collider, because when the object hits things what happens will be affected by the mouse movement at the time of impact.

Basically I need to apply this script:

Update () {
transform.rotation = Quaternion.identity;
}

To the collider but not the object it is attached to, or do something that will have the same effect

I'm not sure I fully understand your setup, but wouldn't it be simpler to do the parenting the other way around? Ie, to have the rotating object be the child of the collider/rigidbody, and not the other way around?