If you’re planning on adopting a child, it’s important to make sure that you can financially support your new addition to the family and that you can afford all of the costs associated with the adoption process. To help you develop a proper adoption budget, here are some important factors that you should consider!
Types of Adoption
There are a variety of different avenues to explore when it comes to adopting a child. The most common forms of adoption, ranked from least to most expensive are:
- Foster Care Adoptions: Typically, adopting a child from foster care involves multiple siblings or children with special needs. The fees for adopting a child from foster care can range from $0 to $2,500 depending upon the home.
- Private Agency Adoptions: Hiring a private agency to find a child and secure him or her for you can cost anywhere from $5,000 to $40,000. Make sure to confirm the agency you work with is a licensed, legitimate organization working within current legal guidelines.
- Independent Adoption: These are usually handled by lawyers and involve paying any medical costs for the birthmother. Independent adoptions run an average of $30,000 to $50,000.
- International Adoption: If you plan on adopting from overseas, make sure to plan ahead for any lodging and food expenses. Otherwise, international adoptions tend to cost the same as independent adoptions.
What to Budget For
Adopting a child is more than just paying an adoption fee. You should budget for the following to make sure you can secure the adoption:
- All couples must undergo an adoption homestudy by a social worker, which can cost anywhere from $700 to $3,000
- An attorney to oversee the adoption
- Advertising and marketing fees if you’re pursuing a birthmother for an independent adoption
- Any expenses incurred by the birthmother (should you choose to adopt from a surrogate)
- Travel costs for both domestic and international adoptions
How to Offset Costs
The adoption process can seem like an expensive one, since costs add over time. Thankfully, there are ways to offset adoption expenses. There are adoption grants you can apply for that will provide you with money for the process, should you qualify. Also, take advantage of the federal adoption tax credit and if it’s applicable, special tax subsidies.
With this information in mind, you should be able to establish an adoption budget given the time for additional research To get started, get in touch with your local adoption agency, and they’ll be able to assist you with any questions you might have along the way.