Should you make your spouse your business partner?

On Behalf of | Sep 20, 2022 | BUSINESS & COMMERCIAL LAW - Business Formation & Planning

If you are married to someone with excellent business savvy with whom you can work productively, a partnership with them could function very well. Still, the question of whether to make your spouse your business partner will have a different answer for everyone. 

Each couple’s circumstances and personalities are unique. Such an arrangement will work for some couples and not for others.

There is a potential drawback, too. Spending all day with the person you are married to, then going home with them might be a little too much togetherness for some spouses. You both would have to feel comfortable with somewhat overlapping professional and personal lives.

Think about these aspects of bringing your spouse aboard as a business partner

Don’t rush into this on a whim. Consider how effectively the two of you interact and communicate about the following issues:

  • Will you be able to set aside enough time for doing non-work-related things together so your marriage stays healthy?
  • If business-related duties are clearly established for you and your spouse, will you both stick to them and agree to be responsible for the results? 
  • Do you share similar aims for the business? If you don’t, can each of you compromise on what you want the long-term nature of the business to be?
  • Do the two of you work together harmoniously on domestic tasks like who will take the kids to school and manage the household budget? Are you good at successful conflict resolution?

Your business plan will be a valuable road map

If the two of you can put your heads together to create a viable business plan, that’s an encouraging first step. You will quickly discover if you have a solid foundation on which to build a professional relationship. Have input from a person who can evaluate your business plan objectively and assure you that nothing has been overlooked.