adoption finances

[ParkerH1]

not really sure what to write im looking for some advice. we have been to an adoption meeting and they briefly spoke about finance checks, they said we had to have certain things like home insurance. does anyone else know what we need or any other checks ?
Thanks in advance

Part of your adoption workbook (ie 'homework') includes a budget planner, both before and after the adoption.

The social workers will be looking for one parent to take a full year off work on adoption leave (just like a birth mother would take maternity) so they need to know the household finances would still function.

Haven't been asked specifically about home insurance. Do you not have any OP? It isn't one of our most expensive bills, if I recall.

They will ask for bank statements, how much debt you have, if any (mortgage, car, card, sofa - anything really). They do a normal DBS check so part of your disclosure would be disclosing any CCJs or bankruptcy etc. They also want to see how much income (salary, pension pots etc) They want to know you have enough disposable income without adding pressures of parenting a traumatised child into the mix. I don’t believe we were asked specifically for house insurance but because we have it, it hasn’t stood out as something memorable.

Hope that helps.

We were asked to complete a form with income and expenditure. We had to provide bank statements to back it up but that is all. Every La is different.

I don't recall being asked about home insurance, but they did ask if we had car insurance! We said yes (obvs) but they didn't ask to see it.
We showed most current bank statement and savings account, and I also showed my business accounts as I'm self-employed. My OH showed payslips.
As others have said, you would also complete an income/expenditure form, and we had a credit card debt but as long as you can show you are managing it, have a plan for when you aren't working, have enough savings to cover this time off, and have enough left over for anything not planned, they are usually fine.

Thankyou all so much for your replies it’s greatly appreciated

This is really useful - we were worrying what they were going to ask /l- we have a few debts so we're worried this would go against us! X

we are worried more so because he is self employed and how/what they will ask

Thankyou everyone for all your responses.

I'm self-employed and just offered my business bank statements (current and savings account), plus my last end of year accounts.

They will probably ask to contact your OH's Accountant, they did with me, even though I'd only recently changed to him and he'd been working for me for 2 months! And even then they just asked if there was any reason why I shouldn't adopt!

We had to show payslips, mortgage paperwork, prove that the boiler was tested regularly (I know that's not finances per se), car finances ie did we own the car outright or were we paying it off. Also I believe SWs require someone to take at least 6 months' Leave.

thankyou everyone were so thankful with your responses not as worried now thankyou again