Close Menu
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing & Mental Health
  • Marketing
  • HR & Recruitment
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
X (Twitter) LinkedIn YouTube
Trending
  • Finance Founder Celebrates Business Milestone With Advice For Entrepreneurs
  • Fast fashion giant Shein accused of “dark marketing” – what does it mean for businesses?
  • Why GDP Growth Isn’t the Full Story for UK Businesses
  • Windsor Expo Wows: A Showcase of Success, Innovation, and Local Business!
  • Women aren’t risk-averse, they’re risk smart
  • “The Art of Difficult Conversations” Webinar
  • How data is transforming the fabric of SME lending
  • An interview with Dr. Jo Salter MBE: The RAF’s first female fast jet pilot.
X (Twitter) LinkedIn YouTube
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing
  • Marketing
  • HR & Recruitment
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • Twitter
  • LinkedIn
  • YouTube
  • RSS
You are at:Home»Legal»Can you get divorced and still run a company together?
Divorce

Can you get divorced and still run a company together?

0
Posted By sme-admin on June 15, 2021 Legal

When the unexpected news of Bill and Melinda Gates’ impending divorce broke last week, the share price of Microsoft barely flickered.  The press was surprised, but did it really care?  Aside from a few sensationalist headlines about where their separation might rank in the pantheon of ‘expensive’ divorces, and a fleeting fascination with the ratio of bathrooms to bedrooms in their Seattle home (I know, reportedly 2.5 to 1), the world moved on.

Harry Gates - BarristerPerhaps the Gates’ sober public image helped, as did their carefully choreographed announcement: the couple released identical tweets at the same time announcing their separation. Their statement paid tribute to the successes of their relationship, foremost amongst them being their children.  Interestingly for business owners, the couple have also announced they will continue to work at their foundation together despite the divorce. Are there any lessons business owners could learn from the Gates divorce and how to run a company together despite splitting personally?  A large proportion of UK SMEs are family-owned and involve married couples – and although it might seem incredibly difficult to run a business together after divorce, it’s certainly possible.

As a practising divorce barrister for the last 20 years, and co-founder of The Divorce Surgery, I have had an opportunity to assess the high cost of badly-handled divorce up close – both financial and emotional.  The Gates’ intention to ‘divorce well’ is the latest example of a marked trend away from disputes in court, towards a more constructive approach. And this approach can certainly mean that continuing to run a business together remains a possibility. Here are my top tips for joining them:

  1. Forget everything you think you know about Divorce. Divorce has a terrible reputation, yet 42% of UK marriages end that way. Research shows that high-conflict relationship breakdown causes harm to the children and adults involved. The right mindset is crucial: this is a life change. It may not be one you’ve chosen. But it’s happening, so you can’t ignore it. Try to think of it as a shared problem, rather than your spouse’s fault.
  2. The first person you should call is NOT (usually) a lawyer. You will need legal advice: there are vital decisions to be made concerning your children and your finances. But a divorce is about more than that. Counsellors and divorce coaches can help you become emotionally ready, for a fraction of the cost of a lawyer.  Financial advisers will help you plan your future.  Only rush to legal advice if, for example, you feel your safety is at risk, or if there are serious issues about one partner hiding assets or if there are jurisdictional complexities.
  3. Consider a break-up to begin with. It doesn’t seem romantic to plan for a split when going into business together, but careful planning at the outset can certainly save expensive legal headaches further down the line in case running a business together isn’t an option. Dependent on the structure of the business, a pre-agreed exit mechanism should be written into a shareholder agreement. Alternatively, if the business is a partnership, a partnership agreement should specifically cover divorce.
  1. Choose the Divorce you want. Divorce may not be your choice, but the way you divorce can be. In my experience, most divorcing couples want to be fair: to themselves, their children and even to each other. Viewing divorce as a ‘battle’, in which you each pitch your case at its absolute highest in the hope one person blinks first, all but guarantees conflict, expense and delay.

When the time is right, take expert legal advice as to what’s fair in your own unique circumstances.  But think carefully about how you get it – the process doesn’t need to be adversarial.

 Harry Gates (no relation) is a barrister at 4 Paper Buildings and co-founder of The Divorce Surgery

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Fast fashion giant Shein accused of “dark marketing” – what does it mean for businesses?

Whistleblowing and the Cost of Silence: Why SMEs Must Have Policies in Place

The 5 biggest VC negotiation mistakes and how to avoid them

Comments are closed.

Follow SME Today on Linkedin and share all the topics you find interesting
Get £100 of free trades - ii trading account

The Newsletter

Join our mailing list for the best SME stories, handpicked and delivered direct to your inbox every two weeks!

Sign Up
Events Calendar
    • Marketing
    June 20, 2025

    Fast fashion giant Shein accused of “dark marketing” – what does it mean for businesses?

    June 16, 2025

    “My business almost died, twice – here’s how I saved it”

    • Finance
    June 20, 2025

    Finance Founder Celebrates Business Milestone With Advice For Entrepreneurs

    June 20, 2025

    Why GDP Growth Isn’t the Full Story for UK Businesses

    • Health & Safety
    January 29, 2025

    UK takeaways guilty of shocking hygiene failures:

    December 18, 2024

    Comment on Covid Corruption Commissioner Investigation

    • Events
    June 19, 2025

    Windsor Expo Wows: A Showcase of Success, Innovation, and Local Business!

    May 27, 2025

    Jose Ucar Confirmed for Leadership Live 2025 Speaker Line-Up

    • Community
    June 2, 2025

    National Charity Accelerates Children’s Reading Through New Corporate Partnership

    May 14, 2025

    Social care experts launch an online marketplace to disrupt a sector in crisis.

    • Food & Drink
    June 16, 2025

    Hospitality industry risks collapse

    June 4, 2025

    Creative Nature Launches Its First-Ever Kids’ Snack Bar Range in Tesco Nationwide

    • Books
    April 24, 2025

    Values-Driven Professionalism: A Path to Client Loyalty

    December 2, 2024

    Banish the banshee boss: how to lead without fear – addressing the issue of fear-based management and how NOT to be this manager

    About

    SME Today is published by the same team who deliver The Great British Expos’. We have been organising various corporate events for the last 10 years, with a strong track record of producing well managed and attended business events across the UK.

    Join Our Mailing List

    Receive the latest news and updates from SMEToday.
    Read our Latest Newsletter:


    Sign Up
    X (Twitter) YouTube LinkedIn
    Most Recent Posts
    June 20, 2025

    Finance Founder Celebrates Business Milestone With Advice For Entrepreneurs

    June 20, 2025

    Fast fashion giant Shein accused of “dark marketing” – what does it mean for businesses?

    June 20, 2025

    Why GDP Growth Isn’t the Full Story for UK Businesses

    June 19, 2025

    Windsor Expo Wows: A Showcase of Success, Innovation, and Local Business!

    June 19, 2025

    Women aren’t risk-averse, they’re risk smart

    Categories
    • Books
    • Community & Charity
    • Education and Training
    • Environment
    • Events
    • Features
    • Finance
    • Food and Drink
    • Health & Safety
    • HR & Recruitment
    • In Profile
    • Legal
    • Marketing
    • News
    • Property & Development
    • Sponsored Content
    • Technology
    • Transport & Tourism
    • Wellbeing & Mental Health

    Copyright © 2020 SME Today.

    • ABOUT SME TODAY: THE GO TO RESOURCE FOR UK BUSINESSES
    • Privacy
    • Contact
    Copyright © 2025 SME Today.
    • ABOUT SME TODAY: THE GO TO RESOURCE FOR UK BUSINESSES
    • Privacy
    • Contact

    Type above and press Enter to search. Press Esc to cancel.