Ending a marriage, especially in a high-asset divorce, can also have a large effect on a spouse’s business interests. Divorce, however, does not mean that a couple must terminate their business ownership or interests.
Ending a marriage is emotional. But business is business and emotions must stay out of professional decisions.
Business decisions impacted by personal pain, emotions, or revenge can have serious consequences. Review your motives when making decisions and determine whether these were made for the best interest of the business or to undermine your spouse.
Emotional and time demands associated with a divorce can reduce the effectiveness of operating systems that previously worked well. Consider the following:
- Hiring extra employees or contractors to assist you with your duties.
- Promoting employees and delegating more responsibilities to them.
- Working with consultants and coaches to develop a more professional relationship with your spouse.
- Seeking legal assistance to help assure your business interest is protected.
Your spouse’s talent
Also, avoid giving up the business support your spouse provides. An unsuccessful marriage does not eliminate your spouse’s professional talents, knowledge, and business sense. Remember the reasons and abilities that led to your spouse becoming your business partner.
A written contract should cover your business and professional relationships. Contracts need to address the allocation of responsibilities, pay, and anything else that may be disputed.
Review any existing partnership agreements. It may be necessary to draft a new agreement after your divorce.
Provide information to your former spouse, employees, customers and clients on a need-to-know basis. Employees must understand how the business will conduct operations and how divorce will affect their employment. Customers and clients may need reassurance that the business will continue to provide needed goods and services.
Discussions with your spouse may be more complicated. Divorce and personal conversations have no place at work.