Family Law Blog
On behalf of Law Offices of Barry I. Finkel, P.A. posted in High Asset Divorce on Friday, May 25, 2018.
Owning a business isn't easy. Neither is staying married. Some experts believe those two things go hand-in-hand, making it more likely that business owners will go through a divorce.
Part of the reason, they claim, is that marriage is supposed to bring a couple together for a shared life. A business that is only owned by one person naturally can get in the way of that, since it's not a shared goal. One person is often far more invested -- emotionally, mentally and financially -- than the other.
For instance, one man said his wife often wanted to talk to him, sometimes about the difficulties they were having in their marriage, but he usually spent that time going over business plans. He was more interested in the company than the marriage.
His wife also did not take the company seriously. He said she thought of it more like an expensive hobby than something he was serious about.
Another man said that it took him nearly a decade to get his business idea -- a TV show -- off of the ground. During that time, he and his wife were very poor. They had kids, so living without a stable paycheck was hard. Eventually, his wife came to him and said that he had to give up on the dream of starting his TV show or he had to give up on the marriage. They got divorced.
It's important for business owners to understand the potential difficulties they'll face. When they do start moving toward divorce, it's also very important to know all of the options they have during that process, especially as they strive to protect the company financially.
Source: INC, "Why So Many Entrepreneurs Get Divorced," Meg Cadoux Hirshberg, accessed May 25, 2018
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