Can your business relationship survive a divorce?
In our last post, we hinted that money (and sometimes debt) can be the root of all evil. With that, it is not surprising that money problems can lead to divorce. This is especially true when spouses are business partners; literally and figuratively. But if the romantic relationship fizzles, can two ex-spouses run a business together?
While it might not be the obvious answer, there are a number of businesses that are headed by former spouses that end up being successful enterprises. People in these relationships are known as “co-preneurs.”
Basically, these couples understand that they must put aside their personal differences and focus on what is best for the business. Indeed, one spouse may create a new life for him or herself outside of the business; which may include a new significant other. While jealousy and envy may poison such a relationship, good business people know how to make their business relationships work.
This may call for one spouse to trust their ex completely with what they are good at, and vice versa. For instance, if one spouse is a talented salesperson or designer, and the other spouse knows how to keep the books, this relationship would work in the business world even though it may not in their personal lives.
When business couples divorce and still work together, it is prudent to set forth their responsibilities in writing. After all, memorializing agreements is simply good business. If you have questions about how to make your business relationship work after a divorce, an experienced family law attorney can help.