Thinking about starting a new business? If so, you need to consider the fact that it could put a lot of strain on your marriage. In fact, some experts believe that the divorce rate is higher than average for entrepreneurs.
Why does this happen? There are many reasons, and every case is unique. However, some of the most plausible reasons include:
1. Issues with money
Money and divorce are closely linked in many studies. Starting a business creates a lot of financial strain. This can take its toll. On top of that, if the business is not profitable right away — most are not — then the family can feel that in lost income.
2. Lack of time
You can’t be at home and at work. There’s just not enough time. If you’re working 80 hours a week to get this company off of the ground, you are sacrificing all the time you have with your family. Plus, many business owners bring work home with them, so even your time at home may make them feel neglected.
3. Poor communication
Business owners really tend to get wrapped up in what they’re doing. They may not see how it impacts a spouse or their kids. If the couple has poor communication skills and never talks about these issues, they get worse over time. By the time anyone says anything, it may be time for a divorce.
If you do split up after starting your company, you may worry about how the divorce will impact the business financially. It is very important to know exactly what legal steps you can take to protect yourself and the business.