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The domestic perils of being a business owner

On Behalf of | Aug 4, 2021 | Uncategorized

Starting a business may allow you to obtain financial freedom while helping others in your Kentucky community. However, being an entrepreneur might also increase your risk of getting divorced. This is because you will likely work long hours, experience high levels of stress and face periods of financial insecurity.

It’s easy to become distant from your spouse

It isn’t uncommon for entrepreneurs to work up to 18 hours a day in an effort to grow their companies. Many business owners will still put in long days after their firms are financially stable. Ultimately, this may cause you to become distant from your spouse, children and others who you are supposed to make a priority in your life. At some point, your spouse may decide that life is better without you in the picture.

You may outgrow your family

In some cases, new business owners are the ones who become disenchanted with home life after reaching dizzying levels of success at their companies. Regardless of your reasons for ending a marriage, it may be in your best interest to consult with a family law attorney.

You prioritize your business over your loved ones

One mistake that most entrepreneurs make is that they value their companies more than they value their spouses. They may be more likely to get divorced if they feel that their marriages are getting in the way of their ability to be successful in the business world. However, older entrepreneurs often say that their biggest regret was treating their families like afterthoughts. They often learned that earning money paled in comparison with the joys of being part of a family unit.

If you do decide to divorce, it is important to take steps to protect your company from being seized by your former spouse in a divorce settlement. An attorney may be able to negotiate an agreement that allows you to retain ownership of your business after your marriage comes to an end.