What are some tips for running a business with my former spouse?

What are some tips for running a business with my former spouse?

| Jul 28, 2020 | Divorce

If you own a business and get a divorce, you will some tough decisions to make about what to do with the business and how to properly divide it since it is an asset. One option is to continue operating it with your former spouse as a partner.

While many couples do not feel they could make this work, you may be willing to give it a try, especially if it is the only option that allows you to keep your business operational. This does not mean it will always be smooth sailing, but there are a few tips you can use to try to make the most of the situation.

Trust each other

According to Small Business Sense, if you do not trust each other, then the arrangement is likely to fail. You need to be able to believe that the other person will act in the best interests of the business. You have to also trust in decisions he or she makes. If you lost the trust in your marriage, then you may have to work harder to rebuild that before you can make a go at the business venture.

Use professional help

Calling in outside help can be one way to help prevent arguments. A business coach, for example, can assist you in making decisions based on what is best for the business. He or she can enable you to work together while setting emotions aside. Having that third-party there can make all the difference and enable you to work better together.

Recognize what you each bring to the table

It is essential in any business relationship that you understand what the other person has to offer. You both probably bring your own set of skills, experience and knowledge into the situation. Respect what your former spouse can offer because that will enable you to figure out how to divide responsibilities and can come in handy when making important decisions.