Can a couple get divorced and remain business partners?
A recent article in Fast Company, using a case study of a couple who got divorced and remained in business together shows how unique talents in business can be valuable assets that keep a couple in business, even after their marriage has ended.
Perhaps there is no one suitable to fill one partner’s shoes in the company. Perhaps the arrangement isn’t intended to continue into the long distant future, but for now “the show must go on.” Utilizing Divorce Mediation and a new written agreement along with a clarification of roles, it can be successful.
Here are some ways to smooth the transition and ensure a successful future partnership:
Accommodate Emotions
Divorce is almost always an emotional process, and no matter what pragmatic concerns a divorcing couple has, emotions will need to be dealt with. A professional mediator can help to ease the transition.
Make Roles Clear
Focus on your strengths. In the case study cited, the husband was analytical, a ‘numbers’ guy, while the wife was a people person, and the company’s top sales talent. Even if talents aren’t so clearly defined, it will help to clearly outline roles in the company, to avoid confrontation and overstepping boundaries.
Set the Rules
It can help to set rules about how the dissolution of the marriage will be handled and how this may affect the business. Agree not to bring personal matters into workplace for example. Non-binding agreements can be made with a mediator, and a system in place for working out problems that need to be kept out of the office.
Make a Formal Agreement in Advance
Some couples may already have formalized an agreement about what to do about the business if the marriage dissolves.
Make Time for Family and Friends
Any agreements made, may affect time spent with children, elderly parents or friends. Adjustments should not put an extra burden on one co-parent, if so it should be taken into consideration.
If you are business partners with your spouse, and you are considering a divorce, then please contact us today to discuss your options and how divorce mediation might be an option for you and your spouse. We specialize in complex divorce mediation for high-net worth individuals and technology executives in the Santa Clara area. For more information Contact us 415.830.0065 or read the article in Fast Company.