When you divorce as a business owner, you may have some tough choices to make. To keep your business, you may end up having to run your business with your ex-spouse.
For some people, this may be easy to do, but others may struggle. If you have concerns about your ability to do it, you may want to get some advice. The Financial Times explains you need to begin by approaching the business without bringing your marriage into it.
Develop a professional relationship
For the success of your business, you have to make sure that you and your former spouse do not bring your marriage or divorce into the situation. You need to redefine your relationship on a professional level.
Recognize unique contributions
It can help make the situation easier if you each recognize the unique things you bring to the business. This can help you to divide up duties and responsibilities. It also will benefit your business because you can put your talents to the best use.
Create a formal partnership
You should also create a formal and legal partnership. Doing this allows you to enter an agreement with formal details about how you will each contribute to the business and what your responsibilities will be. A formal partnership will help if you have issues in the future and protect you both, along with ensuring your business does not suffer if you have a disagreement.
Get a third-party
It may be helpful to include a third party in your business dealings. You could either bring in a third partner who has no allegiance to either of you or use a professional, such as your attorney. The third-party can assist if you have disagreements or issues. He or she will be like a mediator of sorts.
The success of your business depends on how well you can work together. Anticipate issues and plan for them ahead of time so when they happen, you are ready to do what is best for the business.
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