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Aside from the normal considerations that come with adding a new member to your family, some of the biggest concerns that come with adoption are financial. Of course, raising children is never an inexpensive feat, no matter how it happens, but the costs of adoption do quickly add up — and it can even become a barrier between prospective parents and their ability to realistically welcome a child into their family through adopting.
But what are the costs associated in adopting a child, and is there any financial assistance out there for those who want to adopt but who may not be able to afford it? If you’re thinking of adding to your family through adoption, here are the financial aspects you need to consider.
How much does it cost to adopt a child?
The costs of adoption can vary greatly and depend on several different factors, including the type of adoption that’s being pursued. The most common adoption, domestic infant adoption, can cost an average of $35,000, though it can vary anywhere from $25,000 to $50,000. There are different types of adoption that all come with their own associated fees, and some are certainly more expensive than others.
- Foster care adoption may cost about $2,744 on average.
- Agency assisted domestic adoption may cost about $39,966.
- Independent domestic adoption may cost about $34,039.
- International adoption varies by country and may cost between $30,000-40,000.
- Embryo adoption may cost around $20,000.
The costs involved often depend on the kind of agency that is used (if an agency is used at all) and the fees that agency in particular uses. Fees that go into that final cost may include agency fees, advertising fees, birth mother expenses, and legal fees, among others.
It’s important to note that some agencies will use a sliding scale so the price will vary based on the prospective parents’ ability to pay. Adoption Center also adds that adopting a waiting child and adopting through foster care can come with lower costs.
Associated costs to prepare for with an adoption
Aside from the fees that might be charged by an agency in the cost of adoption, there are other associated costs that you should definitely consider while financially planning to adopt (depending on what the agency you’re using does and does not cover). These costs can include things like attorney’s fees, the cost of the home study, and travel costs if adopting from another part of the country or world. And of course, there’s also the cost of everything your newest family member will need, like furniture, clothing, toys, school supplies, food, and diapers.
According to what Nicole Witt, the owner of The Adoption Consultancy, told MoneyGeek, it’s important to have finances in order when beginning the adoption journey.
“At the time that you sign up with your adoption agency, you’ll need to show proof of funds. They want to be sure that you have the money available to pursue an adoption even if a situation comes up the next day with a baby that has already been born,” Witt said. But that doesn’t mean that you have to have all the money put aside into a separate account. They just want to see that you can get it quickly if needed. So even showing the money from your 401K account or from a family member’s account (who is loaning you the money) would suffice.”
Financial assistance for adoption
If cost is a signficant boundary in the way of adopting, take heart: There are ways to work around it, and financial assistance for adoption is available. A good place to start is by checking out your employee benefits; some employers offer adoption assistance and reimbursement for adoption, while others may share resources that may be helpful. There are also both federal and state tax credits for adoption for parents who make under an income level of $251,160. This allows them to claim fees like the cost of the adoption and their attorney to receive a nonrefundable tax credit that may carry over for up to five years of tax liability.
Some prospective adoptive parents may also try crowdfunding and use sites like GoFundMe to raise the money, while others may consider taking out a loan to pay for their adoption. This may mean taking out a personal loan or a home equity line of credit.
The costs are certainly high, but for many of those who adopt, it’s well worth it.
“[Lucia] is just this happy, wonderful, easygoing person. She’s a terrific dancer. She’s got so many talents,” adoptive mom Diana Hall told Mom.com in the past. “I could not imagine how I could love her any more than I already do. I never think of her as my adopted child — she’s my child. It’s like I’ve given birth to her.”
