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When business partners go through a divorce

Are you married to your business partner? If so, a divorce can mean big changes for both your personal and professional lives.

Since the well-being of your company and employees is on the line, it's imperative that you know which steps to take and the types of mistakes to avoid in the weeks and months to come.

Here are a few things to keep in mind:

  • Create a division between business, legal, emotional, and financial issues: For example, the way you approach your company has nothing to do with the way you deal with your emotions during this difficult time.
  • Keep it professional: No matter what's going on at home, you need to remain professional at your place of employment. Not only is this important for the health of the company, but it also shows your employees that the business is still on stable ground.
  • Define your roles moving forward: If anything needs to change at work, now's the time to define new roles and responsibilities. The work that you put in upfront will go a long way in helping you prevent trouble in the future. During this time, you'll find it easier to determine if you should continue to work together (or if it's best to move on).

Business partners who are also married can face a variety of challenges if things in their personal life don't work out as expected. If you're going through a divorce, you need to understand your legal rights across the board. From your personal finances to your business operations, don't leave any stone unturned.

Source: Entrepreneur, "If You Run a Company Together, What Happens When You Divorce?," Kate Taylor, accessed May 11, 2018

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