Don't Let Divorce Ruin Your Business

There's no doubt that entrepreneurs need spark, grit, creativity and a huge amount of drive and commitment. However, adversity can be a helpful companion to an entrepreneur: it may be the catalyst for that light-bulb moment or it may create resilience.

As a divorce lawyer, many people often say to me that my job must be depressing because I deal with people in emotional turmoil. My answer is that helping people through the crisis is one of the main reasons why I enjoy my job so much.

However, what also gives me a buzz (apart from the lawyer stuff such as finding the hidden asset or winning a hearing) is seeing the transformation in some of my clients and, for many, seeing them go on to do something that they would otherwise never have done.

A number of my clients have gone on to create successful businesses after their divorces - something they may never have done were it not for the divorce. Divorce can be devastating but it can be inspiring, or it can remove personal constraints and, depending upon which side of the coin you are on, provide more financial independence and resources.

Entrepreneurs need to avoid a divorce becoming the kind of adversity that breaks the business. The very characteristics needed by an entrepreneur, coupled with the high demands businesses place on the lives of business owners and their family members, can put a strain on any relationship.

Funding a divorce settlement could wipe out years of hard work

If just starting out, entrepreneurs and their families can be living on loans, savings or help from family members. Financial worries and a lack of free time to spend with loved ones can be a toxic mix. With London being the 'divorce capital' of the world, because of the huge awards made there by comparison to other countries, funding a divorce settlement could, potentially, wipe out years of hard work and success.

For those entrepreneurs that unfortunately find that their relationship breaks down, the financial tension can increase. The family home, which may be providing financial security for the business, may have to be sold; two homes will be required and family expenditure increases as two households need to be maintained.

The demands on time become even more pressured when trying to fit in children's schedules. So what can business owners do to limit the potential negative effects of divorce? Here are 10 tips:

1. Don't get married

   Blunt and perhaps brutal but the fact is that there is no such thing as a...