This guide outlines the 6 main reasons business owners have a higher divorce rate than other demographics.
Statistics indicate that divorce among entrepreneurs ranges from 43% to 48%. Experts say marriage dissolution and divorce rates among business owners are higher than any other group based on those numbers. Especially if you are an entrepreneur looking to settle down, it is not out of line to wonder why this is so.
Why the divorce rate is higher
Although there are speculations about financial neglect, that cannot be the only reason for entrepreneurs having a higher divorce rate, and below are some others.
- The business takes up all the attention
At some point in the life of an entrepreneur, the business becomes an all-consuming enterprise. When that happens, neglect becomes the order of the day. Sometimes, though, what one partner construes as neglect may not be exactly as the other spouse sees it.
Unfortunately, the one on the receiving end of neglect is the partner who doesn’t run a business. Indeed, this sounds quite unfair to both partners, but the truth here is, in many cases, neither party is willing to compromise.
When the couple in question gets to that stage, divorce seems like the only way out of marriage doldrums. If that is your case, you might need a Boise divorce attorney to help you both go your separate ways as neatly as possible. Unfortunately, some divorces can be messy, and as an entrepreneur, that is the last thing you need on your already full plate.
While at it, it helps to keep in mind that your partner might demand a significant amount as their divorce settlement. In the event where children are involved, the dynamics may even be more intense.
- The money conversation
Many entrepreneurs will admit that running a business takes a significant sum of funding. While there are viable options to undertake, sometimes, the temptation to dig into personal coffers is higher.
This usually happens when the entrepreneur wants to avoid the high-interest rates that come with business loans taken from the bank. As a way out, what is supposed to be money reserved for family use is diverted to fund the business. Too often, this is a reality many couples have had to face.
Indeed, the money conversation is a significant cause of many divorces and thus the higher divorce rate, regardless of the professional background of the parties involved. Taking financial risks in business is a situation entrepreneurs face at some point in life. It is expected and comes with the entrepreneurial journey. Sadly though, not many people can maneuver their way out smoothly.
According to some divorced entrepreneurs, the bone of contention lies in using family funds without discussing with the other party. Failure to see this as a topical discussion between you and your partner gives rise to the money problems that lead to divorce. However, experts on the divorce rate causes say the money factor only exacerbates existing marital problems the couple faces.
- Divergent goals
As marriage is the coming together of two people from often different backgrounds, it is not too surprising when the couple has different views about life. First of all, the parties involved acknowledge their differences and, by doing so, take measures to prevent their opposing views from destroying the marriage.
In sharp contrast, divorce experts say it is not the same in marriages where one or both partners are entrepreneurs. This can be fertile ground for adding to the divorce rate, since both parties are tasked with the responsibility of running a business.
Married entrepreneurs endure the burden of divergent goals. First of all, remember that almost all their attention is on the business and how to maximise profit margins. Therefore, while the other partner is focused on doing what it takes to make the marriage work, unfortunately, the entrepreneur may not do the same.
Instead, their focus might be on positioning the business rather than the relationship. In the long run, these divergent goals become significant drivers for divorce.
- The stress of the business takes a toll on the marriage
Without a doubt, running a business is stressful. Several elements contribute to building a successful business. There are competitors to think about, assessing risks, analysing marketing & advertising channels, etc. All these stressors take a drastic toll on the mind and heart.
Over time, the stress transcends the business and affects the marriage and the other partner. Unfortunately, divorce becomes an issue when the entrepreneur fails to handle it as a manageable condition.
Apart from the impact on the marriage, uncontrolled stress can also become chronic. Research proves that chronic stress can be a precursor to mental health decline, high blood pressure, and other avoidable medical conditions. In other words, the stress you carry from the business can affect more than the marriage you fear losing.
- Envy and bitterness
Envy and bitterness are likely to set in after months and maybe years of neglecting the other partner. This happens because the entrepreneur inadvertently projects the business as the other ‘love quest’ or ‘love object.’
Entrepreneurs tend to place utmost priority on the establishment they have built. In their minds, the business is the love quest that needs all the attention to make it grow. Admittedly, sometimes, it is an unconscious act, but the ‘neglected’ spouse fails to see it in that light.
Ultimately, that becomes fertile grounds for bitterness, resentment, animosity, and a cold disposition towards the marriage and another statistic for the divorce rate numbers.
These emotions have never built a strong foundation for marriage. Instead, they have always acted as conduits through which marriage deterioration hastens. Indeed, these negative feelings remain undetected for years in some cases until a situation forces them to the fore. Before you know it, marital cracks become canyons until dissolution sends both parties their separate ways.
The spouses of entrepreneurs often say, the business becomes the third wheel in the marriage. Many also admitted ignoring these negative feelings in hopes of overcoming them. However, it doesn’t always turn out right. At that point, things spiral out of control.
Conclusion
Entrepreneurship and marriage is not an easy route to navigate. And although the statistics are quite worrying, other entrepreneurs have braved the odds to work on their relationships. Fortunately, in some cases, their complete turnaround saved their marriages.
