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Preparing for Adoption Financially
A family should become familiar with what it means to be financially prepared to start the adoption journey, and individuals and couples should take into account the long-term financial responsibility of raising an adopted child.
Here are some things to keep in mind when it comes to financial preparation and adoption:
- Picking a Path-While adopting a child follows a distinct legal path in most cases, families have the opportunity to select one of three paths: through the foster care system, by way of a domestic adoption, or a foreign adoption. Through a domestic adoption, arrangements are made with a pregnant woman to take over parental rights once the child is born. Foreign adoptions are the most expensive of the pathways, given the travel requirements and legal complexities inherent in the circumstances.
- Breaking Down Adoption Fees-Each adoption is a unique experience for adoptive and biological parents, the families involved, and the child. According to a representative from Adoptive Families Magazine, the most common fees include:
- Home study fees
- Attorney fees
- Counseling for the birth parents/family
- Expenses for the birth mother
- Travel for domestic or international adoption
- Public agency fees
- Private adoption agency fees
- Court costs
- How to Pay for the Adoption-Federal and state assistance is available for children adopted through the foster care system, and employer-sponsored benefits may be a viable resource for some families. For eligible families, an adoption tax credit helps offset the upfront expenses paid out of pocket.
Bringing a new child into your family is an exciting time, but it does require planning. In addition to understanding the legal processes involved in adoption, prospective parents must also recognize the need for financial preparation based on the path that best suits their needs.
For more information on preparing for adoption financially, access the full article here.
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