Business and divorce can come hand in hand

Pennsylvania entrepreneurs can face the same challenges as everyone else when it comes to marriage; statistics show that almost 50 percent of marriages in the country end in divorce. However, business owners can also deal with unique challenges that are exacerbated by their responsibilities and commitment to their company. Some divorces can be related to an entrepreneur’s ability to prioritize their marriage and their business. There are some specific conflicts that can arise among couples for whom entrepreneurship is important.

Finances can be one of the biggest strains on any marriage, often leading to divorce. When a business is struggling financially, it can be both stressful and distracting. This is especially true when one partner is less involved in or committed to the business than the other. The other partner may worry about sacrificing their financial future for the business, especially if the future of the business itself is uncertain. This highlights another key point of conflict: risk.

Many business owners are more tolerant of risk or uncertainty. However, their spouses may be less so. The risk that comes along with financial insecurity, from worry about one’s home and livelihood to dodging creditor calls, can be difficult to manage. This is especially true when personal money is bound up in the business because the risk is directly transferred to the spouse. In addition, time management issues can add to marital stress; when business owners don’t put time into the marriage, their relationship can wither away.

Business owners can have specific complications when they divorce. How the business is valued and divided as part of marital asset division might be a significant issue. A family law attorney may represent a divorcing spouse and advocate for their interests in property division, spousal support and other major issues.