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Marriage and divorce issues for entrepreneurs

| Sep 21, 2017 | Divorce |

The entrepreneurial life has many unique aspects, given all the things that go into running a company. So, there are special issues that can arise for entrepreneurs when it comes to the various parts of their life, including their relationships.

For example, certain aspects of starting and running a business could create potential points of tension between a married entrepreneur and their spouse, including:

  • The time an entrepreneur devotes to their business.
  • The amount of money that goes into starting and operating a company.
  • The financial risks an entrepreneur might take in connection to their business.

So, when an entrepreneur is in a marriage, it can be critical for them to be aware of the potential for disputes about these things and other matters connected to their business to have impacts on their relationship with their spouse. It can also be important for them to take steps to try to keep such issues from driving a wedge between them and their spouse. Steps that could help with this include maintaining good communication with one’s spouse and legal documentation to protect the business in the event of a divorce.

Special issues can also be present for an entrepreneur when their marriage breaks down and ends up in a divorce. Divorces involve the division of marital property. An entrepreneur’s business(es) can fall under the category of marital property. So, when getting a divorce, an entrepreneur may have many concerns about what impacts the division will have on their businesses and their ability to maintain the level of control over these businesses that they desire. So, seeking out legal guidance from an experienced Board-Certified Family Law attorney on how to protect their business interests and control can be important for an entrepreneur when they are splitting from their spouse.

Source: The Huffington Post, “The Toughest Job an Entrepreneur Has Is to Keep Their Marriage Together,” Chirag Kulkarni, Sept. 13, 2017

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