Tips for entrepreneurs in avoiding divorce

On behalf of Stange Law Firm, PC posted in Family Law on Monday, May 7, 2018.

There are a number of elements in being an entrepreneur that could put a strain on a marriage. However, if entrepreneurs and their spouses in Missouri are aware of these dangers, it might be possible to avoid them.

One issue is that entrepreneurs, who have risk-taking personalities, often marry people who are more cautious. This results in situations in which the more cautious person may have to endure many stressful events related to the fallout from debt and efforts to raise more money. Time management can also be an issue. Building up a new company can take an enormous amount of time, and the entrepreneur might not have enough time to do that and maintain a relationship.

However, there are also habits that couples can cultivate that may help prevent divorce even in these stressful situations. Communication is critical. Couples should be able to calmly talk about their feelings. They should both understand that they do not have to agree with each other to respect one another’s point of view and work toward solutions that can satisfy them both. Both people also need to find out what they can do to reduce their own stress and anxiety.

Entrepreneurs may want to consider a prenuptial agreement before they get married. If they are already married, they might want to create a post-marital agreement. These types of agreements can protect both people in a divorce because they can specify how property, including the business, as well as debts are divided. If the couple does not have one of these agreements and they are unable to resolve their differences, property division in the divorce may be more complex. The non-entrepreneurial spouse may have a claim on a part of the business, but there may also be personal debts related to the activities of the entrepreneurial spouse.

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