Couple and singles that are considering the prospect of adopting a child may be concerned about the average adoption prices that are involved. Adoption is not a cheap process and there are many factors that contribute to the cost of adoption.
The fees associated with adoption are considerable and need to be carefully examined. Prospective parents will have to pay adoption agency fees, legal fees and expenses. Some of these costs can be subsidized by the government as there are incentives such as tax credits available to those who adopt a child.
In general, adoption can cost from zero dollars to up to $40,000.
A Guide to Adoption Costs
While parenting is not cheap, adoptive parents face an overwhelming amount of initial costs when planning for a baby. However if these costs are anticipated and planned, a suitable budget for adoption can be developed. Below is a list of the costs that adoption invloves.
- Foster care adoptions: $0 to $2,500 dollars.
- Adoptions by licensed private agencies: $5,000 to $40,000+.
- Independent adoption services: $8,000 to $40,000+.
- Adoptions that are facilitated or licensed: $5,000 to $40,000+.
- Inter-country adoptions: $7,000 to $30,000+.
Budgeting for Adoption
The overall figures may seem overwhelming at first. The best way that prospective parents can learn about what costs are going to be charged is by researching all types of adoption.
Many adoptions cost far less than the maximum figures that are listed above. To encourage people to adopt there are many resources available for those considering this option. These resources may help reduce the total cost of adoption.
In terms of understandinga adoption costs, there are two types of expenses of which parents should be made aware. The first is called “universal expenses.” Universal expenses are basically costs that apply to every adoption. These expenses include things like court costs. The second type of adoption expense is called “adoption specific expenses.” These are expenses that relate to the type of adoption a parent is considering. Examples of this are foster care adoptions and inter-country adoptions. By knowing how much money each type of adoption is going to cost, prospective parents will be better able to decide which option is right for them.
Listed below are some specific costs that prospective parents will have to pay for when adopting a child.
- Home studies: A home study is when a social worker comes into the home and prepares the parents for adoption.
- Legal fees: The costs of hiring a lawyer and the documentation involved can range from a few hundred dollars to a few thousand.
As stated previously, parents can get tax credits and subsidies for adopting a child. This information can be obtained on the IRS website or by making a quick call to the IRS.