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?
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.”
