Being an entrepreneur is not likely a profession that most Kentucky residents would associate with high divorce rates. This may be due in part to the fact that there are no hard and fast statistics outlining divorce rates for entrepreneurs. However, there are certain characteristics inherent to most entrepreneurs and the circumstances they face that may account for higher divorce rates.
Marriages where one spouse is an entrepreneur, like any marriage, face financial challenges. What is unique to entrepreneurs is the fact that many of them use family resources or put family belongings up as collateral to support their ventures. When money is tight or business is not as successful as was hoped for, financial tension and the loss of family belongings puts more strain on the marriage. For some, this is a gateway that leads to divorce.
Entrepreneurs by their nature are not afraid of risk. Their drive and ambition allow them to take certain risks that more cautious people may avoid. Many entrepreneurs marry people who are not as interested in taking big risks. Challenges can arise when an entrepreneur does not understand the emotional differences of their spouse, creating an unstable marital foundation that could lead to divorce.
For the more cautious spouse, having multiple credit lines, missing payments and getting constant phone calls from creditors are a destabilizing constant in the marriage. Couple this with marital neglect, and it’s clear to see how wedges can be formed between a married couple.
If the stresses of having an entrepreneur in the family become overwhelming, a family law attorney may assist a client with the divorce process. An attorney may be able to help clients sort out shared accounts, divide property and address other practical issues that arise.