Going through a divorce is hardly an easy task, especially when it leaves one in a financial predicament. Although New Mexico operates like most other states when it comes to divorce and alimony, studies show that some struggle financially more than others after this life event. Despite the challenges, there are ways to find financial freedom and ultimately peace of mind.
According to one report from U.S. News, women face bigger obstacles post-divorce than their male counterparts. Using data from the Bureau of Labor Statistics, U.S. News goes on to share that the median salaries of married women were higher than women who had, for instance, never married or had divorced. After divorcing, however, this data revealed an unsettling image of income after separation: women's income plummeted by roughly 41 percent. Why the severe drop? U.S. News points toward pay gaps between women and men; in addition, traditional views toward gender contributed to this imbalance. A large majority of men in the study had full control of the household finances while married, leaving women in tough situations after divorce.
TIME's Money provides another scope into financial issues after divorce, stating that a simple to-do list can make a drastic difference in one's plans. Looking at the bigger picture -- such as retirement, mortgages and travel funding -- can help short-term stressors fall to the wayside. Investing in personal goals is another way newly divorced individuals can progress forward. Goals such as a new degree or certification could pay off in the long run. Of course, budgeting may also require a makeover at this stage. No matter the situation, planning ahead financially can help those going through divorce better manage the process.