Deciding to grow your family through adoption can be an exhilarating emotional experience. It is certainly about love and family. It calls for many decisions which may bring up a wide range of thoughts and feelings. But it is undeniably an investment, too. No matter how focused you may be on the feelings around your adoption journey, you probably also have some questions about the financial aspects of adoption. Here are several common misconceptions about Arkansas adoption finances.
1. I can receive a stipend for a child’s expenses after I adopt
Raising any child is an investment. Pregnancies are costly, labor and delivery are costly, and bringing up kids is one of the most expensive things most of us ever do in our lifetimes. No wonder people so often ask, “Do you get paid for adopting a child in Arkansas?” or “How much do adoptive parents get paid?” These questions are based on false information, though. The state will not offer a stipend to cover a child’s expenses after most adoptions.
Kids cost money. Just when you buy them that new jacket, they leave it on the school bus. But hey, they’re worth it.
A stipend is available for qualifying families that foster or that adopt through the foster care system. In general, subsidies for adopted children are limited to kids with special needs who otherwise might not be adopted. These subsidies can’t really be considered a standard feature of Arkansas adoption finances.
2. The state will reimburse me for adoption costs
Arkansas offers an adoption tax credit. The adoption tax credit can only reduce what a family owes in income tax. It does not allow for any kind of reimbursement.
3. All adoptions have a $20,000+ price tag
Every Arkansas adoption is different and the cost of each is different. For example, if you foster to adopt, you may have all of the costs covered by the state.
Private adoptions are an investment. Still, you have options to tackle the financial aspect of adoption. If you have questions regarding this important part of the adoption conversation, let us know. Heimer Law would love to help.
Justin Heimer is an adoption attorney in Arkansas. Contact Justin with your questions about the adoption process in Arkansas.
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