Adoption

Net worth Requirements?

Out of curiosity, do all countries have net worth requirements like China?  I always thought hubs and I were pretty financially set for our ages, but then I considered our mortgage and the fact that it would take us YEARS to pay off the mortgage and then amass $80,000 dollars.  (Hello?  School teacher and salesman.  We're good people, but our careers don't lend themselves to paying off a mortgage in 5 years.)  
Do people sell their homes and start renting in order to adopt?!  That's the only thing I can figure in terms of adopting on a "modest" salary.

Re: Net worth Requirements?

  • On second thought, I suppose if the house was paid off that would go toward net worth (duh), but oh my goodness.  The thought of getting the house paid off in reasonable time... Ack.
  • Net worth is what you own minus what you owe, so unless you are underwater on your house, ie owe more than its worth, your house and mortgage together should result in a positive net worth. Not sure what the requirement is for china so it's prob more complicated than that and that wasn't helpful at all ::smiley::
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  • We are adopting form China, and its actually quite easy to meet their net worth requirements.  They allow you to count your 401k, IRA, pension and other savings accounts.  Also, any equity currently in your house and your cars is counted.

     What really surprised me was that they count the "equity" in your things - we were told to list the contents amount on our homeowners policy in our net worth.  So, if your homeowners policy lists your contents coverage at $100,000 you get to add that in as equity.  On our application and China documents, this was a separate line item and was expected to be used in figuring your net worth.

    I wasn't sure how we'd look on paper, but with the contents amount, we made it with room to spare! 

  • Thank God the US has no such requirement.  Artists!   Wink  
    My feet and Miss Heidi the rescue mutt!

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    15 treatment cycles: four early m/c
    Moving forward with domestic infant adoption!

    Home study approved 5/13, now just waiting...

    fredalina
  • No, most countries do not have a net worth requirement.  Most only care to see that you have more than enough income/wealth to pay your monthly expenditures plus the expected costs of raising a child (and have a enough left over to pay for emergencies) and possibly save some over time.
  • I thought it would be much more difficult to meet our net worth requirement but we did it, also on modest salaries (teacher and police officer). House, vehicles, and retirements got us there without getting nitpicky.
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    Little Slick
    Born 6.26.10
    Forever a Family 11.26.12
  • Agreeing. We almost ruled China out because of the net worth requirement. Our undergrad loans and my grad school loans would have disqualified us. Turns out that the second agency we contacted knew that we didn't have to include education debt in our calculations because those loans are deferrable... Which is partially why we switched agencies when we switched from DIA to IA. Also, including business assets was huge for us--bank accounts, computer equipment, specialized software, etc.

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    Heading to China in November 2014 to bring our son home!

  • I would personally contact a couple agencies to find out what they say about it and how they calculate it. I'm thankful right now that the US does not have these requirements and I just had to show that I could pay for the child once they arrive... As my SW says... typically if you can afford to pay for the adoption, you're smart with your money and can typically afford the child!
    Good luck in this process!!!
    Began the Adoption process 4/2013
    Home study Approved 12/2013
    .... and the wait begins! 

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