If you are considering adopting a child then you may want to think about how much it may cost to raise a child. Another mouth to feed will of course increase your monthly outgoings but for many this is hugely outweighed by the desire to be a parent.
Want to know more? How much does it cost to adopt a child?
The adoption process
The adoption process can take some time but don’t worry you won’t be charged to be assessed by a UK adoption agency. Well, unless you want to adopt a child living abroad but we’ll cover that in a little bit.
An adoption application has to be submitted to court and this will cost you a one off fee, which is currently £160 in England and Wales. This fee is lower in Northern Ireland and Scotland. Query any fees with your local authority as they may be able to cover some of the costs.
International adoption
In recent years many celebrities have been taking part in international adoptions but these can be expensive for us average Joe’s. And this form of adoption will also take considerably longer and can last up to 3 years.
These inter-country adoptions can be pricey as they require the involvement of many parties. With a long chain of lawyers, embassy workers and civil servants each participant must be rewarded for their involvement and therefore boosting the cost.
The fees charged will depend on your annual income. If you earn less than £25,000 there is no fee, if you earn between £25,000 and £45,000 there is a £885 charge and if you earn more than this the fee is £1,775. This will cover:
- The case management which involves proofing the application and management abroad
- Postage of documents
- Communication between authorities
This does not include legalisation costs.
If you are thinking about adopting internationally check with the UK Embassy or Consulate of the adoptive country that this is possible. Some countries restrict inter-country adoption.
Raising a child
Latest reports now claim that it costs £222,458 to raise a child to the age of 21, which is 58% higher than it was 10 years ago. Don’t get scared!
There are no restrictions on income for an adoption however you must be able to afford to raise a child and your income will form part of the assessment application. You may be eligible to receive an Adoption Allowance to cover the child’s needs as you will be taking on financial responsibilities of their upbringing.
When a child is adopted the new guardian must take a minimum of 6 months off work while the child settles. During this time the guardian may not get paid so may be eligible to apply for Statutory Adoption Pay (SAP) and Statutory Adoption Leave. SAP is around £135 a week and can be paid for up to 39 weeks. Tax and National Insurance will be deducted from this.
The major expenses of raising a child come from education such as private schooling and university, which is optional, and childcare costs.
Did we answer all your questions? If not feel free to get in contact with Adopt Wales, we’re always happy to help.