It’s no secret that adoption is expensive. Estimates vary, but according to a study of 1,100 published in Adoptive Families Magazine, the average family spends $39,966 adopting through an agency and $34,093 in open adoption. If you’re dealing with a limited income, these figures might make adoption seem out of the question. The good news? It’s possible to adopt without spending a fortune, as we demonstrate below:

Stick With Domestic Adoption

Although any adoption will strain your budget, international adoptions are notoriously expensive. Location matters; statistics from Adoptive Families Magazine indicate that adoptions from South Korea and Ethiopia are far more expensive than those from China. Still, domestic adoptions are nearly always more affordable than international proceedings.

If both international and conventional adoptions are out of the question, foster care adoption may be a viable alternative. Although challenging, this approach makes adoption feasible in families that otherwise cannot afford agency fees or birth mother expenses. Be aware that foster adoptions tend to involve older children or teenagers.

Take Advantage of the Federal Adoption Tax Credit

To ease the financial burden of adoption, the federal government provides a one-time tax credit. This credit is not refundable; you’ll only benefit if you owe taxes. What’s more, you’ll receive no more than your total liability. For example, if you owe $5,000 in taxes, you’ll receive a $5,000 tax credit rather than the maximum.

In 2018, the maximum available adoption tax credit reached $13,840. This figure increases annually alongside the cost of living. Additionally, income limits may apply based on your modified adjusted gross income (MAGI).

If you’re struggling with the financial or legal concerns of adoption, seek counsel from the Brown Law Offices. Get in touch today to learn more about the adoption process—and how the Brown Law Offices team can help.

Whether you’re a high-earning spouse giving up considerable assets or a single parent struggling to support children on your own, divorce could spell financial trouble. But does everybody suffer upon divorcing? Or are financial difficulties limited to specific situations or demographics? The answer is more complicated than you might think, as you’ll observe below:

The Role of Gender

A study published in the Review of Social Economyindicates that nearly half of American families suffer poverty immediately following divorce. In general, however, how spouses fare depends largely on gender.

In a phenomenon The Atlanticrefers to as the ‘divorce gap,’ women face severe financial penalties after divorcing, while some men actually experience significant increases in income. This flies in the face of common stereotypes indicating that some women divorce purely for alimony. Differences, however, may be muted for couples with similar earnings—particularly men who earned less than 80 percent of the couple’s total income while married.

Short Versus Long-Term Financial Suffering

Research indicates that, in most cases, the bulk of post-divorce financial difficulties arrive in the first several months following dissolution. These issues may result from the loss of a shared home, loss of health insurance, or failure to receive mandated child support payments. While financial burdens can continue far into the future, many divorcees are able to slowly improve their quality of life.

A variety of financial struggles can accompany divorce, but they’re by no means inevitable. The right attorney can work with you to obtain the best possible outcome. Contact the Brown Law Offices today to learn more about your options.