When a business partner divorces, there is a really good chance it will impact your business. Unless the person had some agreement in place prior to the end of his or her marriage, the interest he or she has in the company is up for grabs in the divorce. And this will have an effect on you and the company. But this is not the only issue to worry about.
Business.com explains that not only do you have to be concerned with the person’s spouse gaining an interest in the business but you also have to worry about distractions your partner may have that take him or her away from the business.
Time issues
A divorce can take a lot of attention and time. If your partner is usually very active in the daily operations of the company, you may notice he or she is going to be away more. This means you might have to pick up some of the slack and be more present. You may need to learn how to do new things if your partner handled specific aspects that he or she no longer has time to do.
Ownership
There is a very real possibility that your partner’s soon-to-be former spouse will get some interest in the business in the divorce. If this happens, it will change the dynamic. You will have someone new that you need to include in operations. You will need to make changes to agreements and adjust to having this new person as part of the team. It can be especially difficult if the divorce was contentious. You may end up playing referee between the two ex-spouses if the situation is especially difficult.
A partner’s divorce can cause a lot of disruption within your business. It is a good idea to have a meeting about the potential issues and plan how to handle them before things get out of hand.
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