Partners in Love … and in the Boardroom

Partners in Love and BusinessCan You and Your Spouse Cut it as Business Partners?

When you married your spouse, you promised to create and share a life together, but does that mean you can also create and share a business? Many couples successfully helm a business together, but they also face many unique challenges. Below are a few important pros and cons to consider before jumping into business with your spouse.

Let’s start with the Pros:

Pro – A Business Partner You Can Trust

Finding a solid, trustworthy, and responsible business partner who truly shares your vision of the company is a huge challenge. The dustbin of history is filled with businesses that failed because its partners failed to work well with each other. Your spouse is someone you already trust and who (hopefully) understands and respects you.

Pro – Sharing the Burden

Your spouse can help shoulder all the burdens of running a business, allowing you to divvy up the responsibilities so that you each can focus on the areas of your unique strengths. Heading a company by yourself can be lonely and stressful. With a spouse as a partner, you always have someone who understands your worries and can share in your triumphs.

Pro – Flexibility

You and your spouse are a team at home and at work. If you need to pick up the kids from school, you won’t get a write-up from the boss. Sharing a business means that you both can create your schedules together around the shared priorities in your lives. If you have young children, this extra flexibility can be especially welcomed.

That all sounds great, but there are some Cons as well:

Con – Troubles at Home May Lead to Troubles at Work

One of the biggest risks of partnering with your spouse is that troubles at home could leak into the office. If you two are experiencing marriage difficulties, it could affect how well you work together, stress out your employees, and distract you from growing the company. Also, if you end up separating, it could jeopardize the company if you fight over ownership.

Con – Too Much Time Together?

As much as you love your spouse, you still need a little space every now and again. Small irritations can chafe if you see your spouse morning, noon, and night. This can be especially challenging if you are having a work or personal conflict and can’t get away to cool down.

Con – Double the Risk

Starting a business is a risky endeavor, and you must accept the chance of failure as you hang your shingle and open your doors. When your spouse joins you in the business, all of your eggs are in the single basket of your business. Without a second outside income, a few slow business months could really hurt your family’s financials.

Every couple’s situation is different, and a business partnership may work great for some and go down in flames for others. Communication is the pillar of a strong marriage and a strong business partnership. Talk it out with your spouse. Discuss the pros and cons as well as your concerns and worries. Together, the two of you will make the right decision.

6 thoughts on “Partners in Love … and in the Boardroom”

  1. my wife left me when i just bought a house on my name to Texas, stated i should leave my house and go with her friends and husband that there is know job in Georgia. She abandoned me with a son in high school, after a year, the son decided to go and stay in Texas. SHE PUT ME FOR CHILD SUPPORT I PAID TILL THEY TURNED 18 YEARS.AFTRE 11YEARS OF ABADONMENT , SHE FILED FOR DIVORCE IN TEXAS BUT NEVER CONTRIBUTE A DIME TO THE HOUSE SINCE I BOUGHT THE HOUSE.AND THE HOUSE IS ON MY NAME ,IF I HAVE FOLLWE THEM TOTEXAS THE HOUSE WOULD HAVE BEEN FORECLOSED .. BECAUSE IS ON MY NAME IWOULD HAVE RUINED MY CREDIT. YOUR ADVICE WILL BE GREATLY APPRECIATED.

    1. Your post is confusing, so I’m guessing you live in one state and she lives in another. The laws of each state are different, so what Texas law provides will be what governs in your situation. Again, it’s confusing what you posted, but it sounds as though you bought a house in your name and have been making the payments. In some states, such as Texas, the income either of you earns is community property and belongs to both of you, so the payment would have been made with community funds belonging to both of you. But the house being in your name may create a different outcome. You’ll need to find someone who knows Texas law who can advise you. And of course, whatever the two of you decide is fair is what will happen, unless you can’t agree, and then the law of the state in which you divorce will govern what happens.

  2. Virginia Toliver

    My husband told me he wanted a divorce that he did not love me anymore. Married for 13 years. Can I get spousal support since I have Parkinson disease. I get 1800 a month from my retirement. He is onn100 percent disability but also tricked me and we had a prenup. I don’t know when I will have to go in assisting living please give me some answers.

    1. Do you know the laws regarding spousal support in your state? If not, find someone who does who can look at your financial situation and that of your spouse and determine whether you may get spousal support. As for him tricking you, if he had you sign over property to him without getting anything in return, that may possibly be overturned, depending again on the laws in your state. If you mean he tricked you into signing the prenup, in most states there are particular circumstances that must have been present when the prenup was signed in order for it to be valid. So if you want to challenge the provisions of the prenup, find out what the law requires in your state and see if your circumstances fit it.

  3. karrie garowski

    My first marriage I owned a business an business linice was in name and bank account in my.name .i never sold business or gave him my business after years later my son tells me he still using my business ass his and making a lot of money

  4. Lorenzo Trujillo

    We currently have an unmarried couple working together, but both work for an HOA.
    Who would write an employee appraisal??

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