Whether you owned a business before getting married or decided to follow your entrepreneurial dreams after tying the knot, your business likely plays a significant role in your life. In fact, there may have been times when you held your company as a higher priority than your spouse. This is not uncommon as many entrepreneurs are driven and goal-oriented, and staying focused on work allows them to continually work to achieve their goals.
Of course, having this mindset can often take a serious toll on a marriage. You may have experienced this firsthand, which is why you are now facing a divorce. You and your spouse may both agree that ending the marriage is for the best, but now you must focus on protecting your company from the fallout of divorce.
Is entrepreneur divorce common?
Though your marriage coming to an end may seem like a failure in some ways, it is important to keep in mind that you are not alone in facing this type of scenario. Numerous other individuals face marital issues that result in their relationships coming to an end, and you are certainly not the first entrepreneur to go through a divorce. In fact, many business owners have reported the following issues with being both a business owner and a spouse:
- Feeling more passionate about the business than the marital relationship
- Wanting to spend more time on professional pursuits than family or personal relationships
- Having a single-minded focus on business success and not putting enough effort into marital success
- Experiencing guilt due to paying attention to family and neglecting the company and vice versa
Some of these notions may ring true with you as well, or you could have your own reasons for feeling as if running a business and being married are not meshing. In any case, it is important to understand the ramifications your business could face as you sever ties with your spouse.
Property division
Though Minnesota is an equitable division state when it comes to property division in divorce, the chance exists that your spouse could have a claim to at least a portion of your company. This possible outcome means you may need to be careful when it comes to negotiating a property division settlement. If your spouse has a claim to your business assets, particularly in a significant way, the future of your company could be at risk.