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3 tips for running a business together after divorce

On Behalf of | Nov 8, 2017 | Divorce |

If you have a thriving business, one question you might have is how you can continue working with your ex-spouse after a divorce. For some people, it’s simply not possible because of conflicts, but for many, it is possible to remain business partners in the best interests of the business itself.

Some people believe that their spouses would want them to buy them out of the business, but if a business is thriving, it may be because both parties are necessary for its continued growth. Is it possible to continue to work together? That’s a question that only you can address, but here are a few things to consider.

1. Different values could impact your business

If you and your spouse are separating and divorcing because of different values, then that could be a problem for your business. To work together, you’ll need to sit down and work out the business’s values and abide by them. Many people opt to try therapy throughout the time of transition between being in personal relationships and business relationships. Doing so can help you define what is really important for the business and what you need to put in the past.

2. Defining roles helps

Don’t fight over the same position at the company. If you know you can’t work together as accountants, maybe one person can start working specifically with marketing while the other focuses on the budget. The key is to make sure your roles don’t overlap when it’s not necessary, so you have fewer potential conflicts.

3. Use third parties to manage conflicts

In the case that you do think conflicts will happen, consider having a third party in the office to help resolve them. This person can work as a sort of arbitrator and make final decisions, so you don’t continue to argue when making arrangements for the business.

These are a few things to consider if you’re divorcing but need to work together. With time, it’s possible to continue growing your business together.