work-life balance

How to Keep Your Business Together When Your Marriage Is Coming Apart

Maintaining a marriage and a business is hard as it is. Success spills over from one realm to another, but so do problems.  Something like a prospect of divorce looming over you can make it borderline impossible to effectively focus on both priorities. It can wreak havoc on a thriving company and impede that fine work-life balance you’ve tried so hard to strike. On a brighter note, many people have been where you are now and they still managed to go through it all as right as rain and with business growth intact. That being said, it takes a lot of planning, negotiations, and poise to pull it off.

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Forging the peerless mindset

So, you are bursting at the seams and have a business to run at the same time. The situation is dire and there is no going around that fact. But, what can be done? Well, to deal with overwhelming pressure and demands, you need to prevent them from following you home and everywhere you go. Namely, it is a good idea to avoid fighting on both fronts simultaneously.  Trying to multi-task only tends to produce a toxic cocktail of stress, anxiety, and resentment.

When in the office, maintain your composure and ward off emotional turmoil. Do not let your crumbling marriage and how you carry yourself in its presence affect the workers. You can let them know what is happening, but also make it clear that the business is going to continue as usual. Delegate and outsource tasks to avoid burnout and worse. Have some free time in your schedule to unwind and prepare mentally for what is to come.

Furthermore, do not waste time on vengeful scheming. Your main goal is not to hurt the other person, but prevent the marriage fizzle from laying waste to both your private and professional life in one stroke. So, do make it personal and prompt your spouse to embrace the same line of thinking. Try to explain to him/her that business is business and that it should stay that way. It really helps to never lose sight of the value of cooperation and mutuality of interest.

 

Covering the legal bases

In any event, the objective is to steer away from mixing the marital with non-marital assets. Therefore, set the boundaries and keep clear records. Should you struggle to grasp legal implications, seek professional aid. Do your research and find trusted local services such as these divorce lawyers from Parramatta. Alternatively, consult your family lawyer. Bear in mind that additional legal tools are called for in situations where a company has multiple owners. These may include buy-sell agreements and shareholder agreements.

Finally, know that when cases go to court, things are less flexible than with arbitration and settlement. Mediation also offers more control over the outcome as mediators act as facilitators more than anything else. On the other hand, during the settlement negotiations in court, the judge can temporary award the control of the company to one of the spouses. Obviously, you might want to avoid being removed from what you built and what you breathe every day. Think twice before committing to any of these courses of action.

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Softening the financial blow

Apart from emotional, one of the toughest strains to endure is the financial one. It can be really hard to protect the income stream when child alimony and support are involved and a divorce procedure is underway. Thus, take proactive measures to mitigate the impact. Protect your credit score and company finances.  If you have debt, you must stay on the right tracks to paying it off. Your inability to do so would scare the investors away and leave the company budget in tatters.

Along the similar lines, get familiar with laws and regulations of property splits. Usually, they dictate that you divide everything generated over the course of the marriage in half. This simple equation involves company assets like stocks as well and that is why the founders’ divorce can rip the company apart. A different chain of events unfolds in case there is a prenuptial agreement in place. This document defines business as non-marital property that does not get divided in the wake of a divorce.

 

Time to buckle up

Marriage and entrepreneurship should be two trains operating on dual tracks and going in the same direction. When they end up on a collision course, the scenario has disaster written all over it. Well, marital failure is an ordeal all right, but it does not have to shatter your entrepreneurial dreams. Structure the settlement process and set emotions aside as much as possible. Be ready to compromise, but set your non-negotiables, too. Shield your employees from consequences of the fallout. Prioritize financial security and in due time, you should be able to regain your footing.

 

 

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