Divorce can be a twofold blow for entrepreneurs. Not only do you have to cope with the personal pain of separation, but you’ll also have to worry about how the divorce might affect your professional life and your business’s future. A recent survey found that 70% of divorcing entrepreneurs couldn’t focus on their work the same way, which made them rely on outside help to keep the business afloat. (1)
It’s a tough situation to find yourself in, but the good news is that there are effective coping strategies you can use to help you through this challenging time. As an entrepreneur, you’re used to tackling problems head-on and finding creative solutions. But when it comes to divorce, it’s important to remember that you don’t need to go at it alone.
In this article, you’ll find some practical tips and coping strategies that may help you navigate the complexities of divorce while maintaining your business’s stability.
1. Find ways to deal with parental alienation healthily
Divorce is hard enough on its own, but when you add parental alienation into the mix, it can feel like an absolute nightmare.
Parental alienation occurs when one parent actively tries to turn the children against the other parent, often through manipulation, lies, and other toxic behaviors. If you’re an entrepreneur dealing with this ordeal, it can be especially challenging to juggle the demands of your business while also fighting for your relationship with your kids.
You first need to recognize the signs. Then, if you suspect that parental alienation is occurring, immediately seek the help of a lawyer. They’ll further explain the signs of parental alienation – legal insights. They can also help you build a strong case for legal intervention, such as seeking a court order for family therapy or modifying the custody arrangement.
It’s also recommended to work with a therapist or counselor who specializes in parental alienation. They can help you develop strategies for communicating with your children in a loving, supportive, and non-reactive way, even in the face of alienating behaviors from your ex.
2. Separate business and personal life
Mixing your business and personal finances can be a recipe for disaster during a divorce. A recent survey conducted by Forbes found that nearly 37% of couples cited financial issues as a primary reason for their divorce. Keeping your personal and business assets separate will protect your company from being dragged into the divorce proceedings and potentially being divided up as part of the settlement. (2)
But separating your business and personal life isn’t just about protecting your financial interests. It’s also about maintaining your professionalism and reputation as a business owner. So, set clear boundaries with your ex-spouse. Make it clear that your business is off-limits and that you won’t tolerate any attempts to interfere with your work or sabotage your success. If possible, keep communication about the divorce separate from communication about the business.
3. Communicate with your team
Sometimes, it’s tempting to put on a brave face and pretend like everything is business as usual. However, your team is likely to pick up on the fact that something is going on, even if you don’t say anything. Thus, it’s better to be open and honest with your team about what you’re going through. You don’t need to share the gory details, but letting them know you’re dealing with some personal challenges can go a long way toward assembling trust and maintaining morale.
Be clear about your expectations during this time, and make sure your team knows you’re still committed to the business’s success. If you need to take some time off or delegate more responsibilities, be upfront and work together to devise a plan that works for everyone.
4. Lean on your support network
Divorce can be an incredibly isolating and lonely experience, especially when you’re trying to juggle the demands of running a business at the same time. But the truth is, you don’t have to be. Studies have shown that having a strong support network can be one of the most important factors in helping people cope with the stress and emotional fallout of divorce. (3)
So, turn for support to your closest friends and family members who’ve always had your back. These people know you best and can offer a listening ear or just a much-needed distraction when things get tough. You may also want to consider joining a support group for entrepreneurs going through divorce. Surrounding yourself with others who understand your unique challenges can be incredibly validating and empowering.
5. Prioritize self-care
It’s no secret that going through a divorce can take a major toll on your mental and physical health. Studies have shown that divorce can increase your risk of depression and anxiety. Divorced individuals are also 20% more likely to suffer from long-term physical health issues like cancer, heart disease, and high blood pressure. So, the best thing you can do for yourself and your company is prioritize self-care during this challenging time. (4)
Make time for activities that help you de-stress and recharge, whether exercise, meditation, or simply spending quality time with your loved ones. Don’t be afraid to delegate tasks or hire extra help so that you can free up some bandwidth to take care of yourself.
The bottom line
Divorce is never easy, especially when you’re trying to run a business at the same time. But by prioritizing your own well-being and taking practical steps to safeguard your business and personal interests, you can weather this storm and come out stronger on the other side. Remember, you’ve built a successful business from the ground up. You have what it takes to rebuild your life, too.
References:
- “1 in 20 business owners have shut their doors due to the financial strain of divorce. Why their relationships fail, and how you can beat the odds”, Source: https://fortune.com/well/2024/02/08/business-owners-divorce-financial-strain/
- “Revealing Divorce Statistics n 2024”, Source: https://www.forbes.com/advisor/legal/divorce/divorce-statistics/#most_common_reasons_for_divorce_section
- “Tips to Cope With the Stress of a Divorce”, Source: https://psychcentral.com/stress/reduce-the-stress-of-a-divorce
- “The Real Long-Term Physical and Mental Health Effects of Divorce”, Source: https://www.psychologytoday.com/us/blog/better-divorce/202208/the-real-long-term-physical-and-mental-health-effects-divorce
