If you are a business owner, it’s crucial to realize that your divorce is going to affect your ability to run it. Some effects will be short-term, but some could last much longer.
Here are some of the ways that might occur:
1. Your divorce will occupy a lot of your time for a few months
Business can be competitive, so you may have kept your foot on the gas during your whole marriage, perhaps to the neglect of your marriage. Your divorce is going to require a considerable amount of time and thought to sort out. That will inevitably reduce your ability to focus on the company. Divorce might also affect your emotional stability, making it harder to use the time you do have for business as effectively.
2. You might need someone to cover the work your spouse currently does
Not all families keep business and personal life separate. Maybe your spouse worked full-time in the company, or perhaps they worked part-time doing the books on weekends. Or perhaps they just did all the domestic tasks at home, thereby freeing you up to concentrate on the business.
You need to decide if you are going to continue working together and if not, think about how you can cover the work they did. You might even be surprised to discover that they helped out a lot more than you realized.
3. Your spouse might seek a percentage of your company in the divorce
If you had a prenuptial agreement in place, this might be simpler. If not, things could get complicated. Even if you are happy to give your spouse a percentage, any other business partners you have might not be.
Understanding more about your rights in a divorce will be crucial to protecting your business when ending your marriage.