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2 ways a divorce could affect your business

On Behalf of | Sep 30, 2022 | Business Owner Divorce

If you own a business, then you should think carefully about how your divorce choices might affect it.

However much you believe you can keep business and personal life separate, the divorce will affect your company affairs. Here are some reasons why:

Divorce requires a lot of you 

Divorce can be stressful, and you can carry that stress into your work life. If, for example, you have a dreadful day in divorce court, you might be less patient with customers or staff. Or you may make a poor decision because your mind is elsewhere.

Accepting that you may need help to do things you previously handled alone is a good start. If you’ve had a rough day, having someone who can step up to cover you is probably best for you and the company.

Your spouse might try to claim a share of your business

If you did not protect your business interests with a prenuptial, your spouse might have a valid claim to part of it. Even more so if you did not set it up until you married or if they too worked in the business.

You might be happy to give them a share or even to continue working together. Yet often, it is better to sever your affairs entirely. Remember that the company is only one of your assets, and you may be able to compensate your spouse via other means.

If you have other business partners, talk to them about your options. They may prefer to keep your spouse involved, or they may insist that you keep them out of the company altogether.

Getting legal help to understand more about your options when divorcing can help you make the right choices.