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Reasons you may face divorce after starting a new business

You have always wanted to start your own company. When you got married, though, you hadn't started it yet. You kept working in the industry and learning the ropes.

Years later, you may decide it is finally time to take that next step. It will take work and dedication, and it may feel like a bit of a gamble, but you are also probably thrilled to get your idea off the ground.

One thing you should know is that this new business could put you at risk for a divorce. Here's why.

Financial problems

First off, your business is a financial risk, and money problems are one of the main reasons for divorce. According to one study, cash flow issues impacted 87% of new business owners. It is highly likely that this is going to happen to you.

What will those cash flow issues mean for your marriage? Are you going to invest family money in the business to keep it going? Will you and your family have to give up other things to support the business? Your spouse could feel resentful if they feel like you're just taking all of the money for your own pursuits.

Not to mention, financial issues at work put a lot of stress on you. Is that stress going to carry over to your behavior? When stress changes how you feel, think and act, your relationship and your spouse could be impacted.

Lack of time together

Another potential problem is that you could run into issues working long hours and not spending time with your spouse. A new business often takes a lot of time and commitment, but so does a marriage. If you spend 10 or 12 hours in the office every day, you don't leave a lot of time for your spouse or your family. This can cause you to drift apart and may lead your spouse to look for someone they can see more often.

Similarly, one expert noted that new business owners saw a significant decline in their intimate life. She pointed out that intimacy and money are top reasons for divorce in the United States. If a couple no longer has time to be intimate, it can take a toll on the relationship. Add to this the fact that you could have money problems on top of everything else, and it's clear that the new businesses could hinder a relationship.

Your options as an entrepreneur

Despite statistics and potential hardships, starting a business does not guarantee that your marriage will fail. However, it is important to acknowledge the impact it could have.

When starting a business, you should know what legal options you have if you do end up getting divorced, or the option of creating a postnuptial agreement regarding your business and plans for your finances.

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Hecht Family Law
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