10 Surprising Ways Your Divorce Can Affect Your Business
The impact a divorce can have upon an individual’s personal life is blatant, but what about the impact it can have upon someone’s work life? There are several ways that a divorce can affect a business and, with most employers working a minimum of four to five days a week, it’s important to discuss them in depth.
For example, you may find that the ownership of your business comes into question during a divorce consultation, and discussions of marital assets come into play. Your mental health could also begin to deteriorate, and you may find yourself becoming more and more demotivated at the prospect of a working day ahead.
In this article, we’ll discuss your ownership rights as well as touch upon some of the main ways a divorce can alter your attitude at work and the day to day running of a business. Read on to find out more…
Your Business May Be Classed as a Marital Asset
The most direct way that a divorce can affect your business is through the division of marital assets, which are typically defined by when they were acquired. There are, however, some exceptions to the rules, so always speak to your divorce lawyer before making any assumptions.
Typically, if you owned your business before your marriage, it’s likely to be classed as your own personal property. Conversely, if you acquired the business during your marriage, it’s likely to be considered a marital asset, regardless of whether or not your spouse is involved.
You May Have to Rethink Your Business Settlement if You Co-Own the Business
In some cases, getting a divorce can significantly alter the ownership or structure of your business. For example, if you and your ex co-owned and operated a family business, your spouse’s departure due to the divorce could leave you with a major increase in responsibilities, and you could find that you need to bring in a new partner.
Alternatively, you and your ex may have had an amicable break-up and decide that you’d like to continue working together. Consider this decision carefully; individuals that go down this route must be able to separate their work life from their personal life.
Your Motivation and Passion for the Business Could Waiver
Going through a divorce can have a huge impact on your motivation to work. For some people, work will be an escape and a place to switch off and forget their problems, by concentrating on new tasks. For others, they will become demotivated and lack the energy to manage or inspire their employees.
Divorce affects everyone differently, so there’s no predicting how you’ll feel. What’s more, one day could differ from the next, so be prepared to go through the emotions while trying to remain professional and present at work.
You May Find It Harder to Maintain a Positive Mindset
Similarly, you may find it harder to be a positive influence at work. As an owner of a business, you want to inspire your employees, so consider that before turning up to work with a negative mindset.
If you’re struggling mentally, contact a therapist or reach out to a mental health support group for advice. It’s completely normal to feel pessimistic after a divorce, but rest assured there are hundreds of ways to live a positive and fulfilling life, despite your marital status.
An Increase in Workload
If your partner has moved away from business proceedings, you may find your workload increases. Though it may be tempting to delve yourself into work during a divorce to distract yourself, it could have a negative impact if not managed effectively.
Try not to give yourself an overbearing amount of responsibility and tasks. You’ll only end up tired, disillusioned, and overworked.
You May Cut Off Emotionally and Find That Your Leadership Style Changes
There have been several studies that have proved that a divorce can develop into a lack of empathy for others. If an employer doesn’t take enough time to grieve the relationship, they may shut off emotionally and struggle to make meaningful connections in the future.
As a business owner, it’s important to also be approachable, understanding, and fair. Don’t let your divorce hinder you from creating stable relationships with your co-workers.
The Settlement Proceedings May Disrupt Daily Operations
Although you’ll have regular divorce consultations with your lawyer throughout the proceedings, some aspects will likely penetrate their way into your day-to-day life.
Be prepared to have an increase in personal communications, while you’re at work. To help separate the two, you should always provide a different email address to your work one, so when you’re at work you don’t become distracted. Remember, if it’s an emergency your lawyer will call you.
May Cause Trouble With Your Finances
Hiring a divorce lawyer can be incredibly expensive, so factor in your outgoings when evaluating the success of your business and its profitability. Though the two money pots are separate, it’s important to remember that your profits fund your income, so you can’t afford to neglect your work.
May Affect Your Reputation
Depending on how the relationship broke down, your personal and your business’s reputation could be at stake. For example, if adultery, a gambling addiction, or fraud claims came to light, public perception of you could change.
This isn’t to say that you should hide away or feel ashamed. Every relationship is different, and the process should be about moving forward, rather than looking back. Try to keep your divorce proceedings as private as possible to avoid public input and potential defamation.
- You’ll Learn A Lot About Yourself
No one said going through a divorce was easy, but you’ll learn a lot about yourself on the way. For example, a divorce can teach you to juggle several responsibilities. It can show you who to trust in difficult situations. Remember, whatever you learn – good or bad – is a life lesson worth having.
Surprised by These Ways a Divorce Can Affect Your Business?
So, there you have it – ten surprising ways that a divorce can affect your business. There’s a lot to consider when going through a divorce. So be patient with yourself and acknowledge when you need to take some time out.